Violation Tracker Individual Record

Company: 
Credit Suisse Group AG
Current Parent Company: 
Credit Suisse
Penalty: 
$175,500,000
Year: 
2021
Date: 
October 19, 2021
Offense Group: 
competition-related offenses
Primary Offense: 
fraud
Secondary Offense: 
banking violation
Violation Description: 

Credit Suisse Group AG and Credit Suisse Securities (Europe) Limited (CSSEL), its subsidiary in the United Kingdom, admitted to defrauding U.S. and international investors in the financing of an $850 million loan for a tuna fishing project in Mozambique, They were assessed more than $547 million in penalties, fines, and disgorgement as part of coordinated resolutions with criminal and civil authorities in the United States and the United Kingdom. Of that total, $175.5 million was paid to U.S. authorities.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Justice Department Criminal Division
Civil or Criminal Case: 
criminal
Prosecution Agreement: 
deferred prosecution agreement
HQ Country of Parent: 
Switzerland
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking & securities
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.