Credit Suisse Caught Stealing Client's Money

 

The Swiss Gnomes cannot give up their habits. Credit Suisse Group AG must face allegations that it engineered a complex fraud to sink an investment vehicle and profit on investors’ losses after an appeals court revived the claims.
"The lawsuit, filed in 2018, claimed investors lost $1.8 billion in the Feb. 5, 2018, collapse of the market for VelocityShares Daily Inverse VIX Short Term Exchange Traded Notes, known as “XIV Notes,” a derivative investment that increased in value when the stock market was calm and decreased when it was volatile."
A group of investors led by Set Capital LLC alleged that they and others lost the money while Credit Suisse made $475 million. The suit also names as defendants two top executives at the bank.
Ten years ago, observing the incompetence of Swiss and English banks,  I thought that Israeli financial organizations could easily take over a share of the world markets. The Swiss and the English kept deteriorating but the Israelis are not in sight.