Legal
Some Credit Suisse Clients Hit By Unauthorised Advisor Action

Reports said the advisor, who reportedly forged documents for an African client, has been dismissed. The bank said it has taken legal measures and informed affected customers and the relevant regulators.
Credit
Suisse,which yesterday confirmed that a small number of its
clients were affected by unauthorised actions by one of its
client advisors, has taken legal action over the matter.
Bloomberg – citing unnamed sources – on Sunday reported
that Credit Suisse has fired a Zurich-based banker who forged
documents on an over-the-counter contract for an African wealth
management client. The deception was exposed earlier this year
and caused a loss of about SFr10 million ($15 million) for the
bank, and also affected some other clients, the report said. The
banker has reportedly been fired.
“Credit Suisse confirms a case from the first quarter of 2020 in
which a small number of clients were affected by unauthorised
actions of a client advisor. Credit Suisse took appropriate legal
measures and informed the affected clients and relevant
regulators,” the bank told this publication in a statement
yesterday. It gave no further details.
The Bloomberg report said that the fraud and losses were
booked in the unit led by Raj Sehgal. The unit serves the
non-resident Indian community and sub-Saharan Africa. Clients are
in the process of being compensated, it said, citing an unnamed
source.
Sehgal was named head of the Africa and non-resident Indian
business about two years ago, the report added.