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SEC Commissioner Peirce On The Recent Credit Suisse Resolution …

By on October 29, 2021 in CreditSuisse, SEC
Peirce

These pages have frequency covered SEC Commissioner Hester Peirce – both in terms of her spot-on speeches or statements (see here, here, and here for example) and her tendency to object to various aspects of SEC FCPA enforcement actions (see here).

As highlighted here, Credit Suisse recently resolved a $99 million FCPA (and related) enforcement action concerning financing of various Mozambican maritime projects as well as a related DOJ action (see here).

True to form, Commissioner Peirce made her voice known and issued this statement which reads in full:

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A Focus On The DOJ’s Enforcement Action Against Credit Suisse

By on October 21, 2021 in 2021 Enforcement Actions, CreditSuisse, DOJ Enforcement Action, FCPA Related Charges, Financial Services Industry, Foreign Issuers, Mozambique
CS

Yesterday’s post highlighted the SEC’s recent $99 million Foreign Corrupt Practices Act (and related) enforcement action against Credit Suisse in connection with financing various projects in Mozambique.

As alluded to in the prior post, the DOJ also announced an enforcement action based on the same core conduct and charged Credit Suisse and a U.K. subsidiary with conspiracy to commit money laundering. After crediting amounts paid to the United Kingdom’s Financial Conduct Authority, Credit Suisse agreed to pay $175 million to resolve the DOJ matter while also agreeing to pay $200 million to the U.K. FCA. Because the DOJ’s enforcement action against Credit Suisse was not an FCPA enforcement action, it will not be captured in FCPA statistics published on this site. (After all, if FCPA enforcement statistics are to mean anything – they should only capture actual FCPA enforcement actions).

Nevertheless, the DOJ enforcement action is summarized below.

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Credit Suisse Resolves $99 Million SEC FCPA (And Related) Enforcement Action

By on October 20, 2021 in 2021 Enforcement Actions, CreditSuisse, Due Diligence, Financial Services Industry, Foreign Issuers, Mozambique, SEC Enforcement Action, Third Parties
CS

As highlighted here and here, in July 2018 Credit Suisse resolved a $77 million Foreign Corrupt Practices Act enforcement action focused on alleged improper hiring practices in China and the Asia Pacific region.

As highlighted here, in January 2019 the DOJ unsealed criminal charges against former Credit Suisse bankers Andrew Pearse, Surjan Singh, and Detelina Subeva charging them with conspiracy to violate the FCPA’s anti-bribery and internal controls provisions in connection with financing various Mozambican maritime projects.

This follow-up post wondered what the 2019 enforcement action would mean for Credit Suisse.

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What Does This Mean For Credit Suisse?

By on January 4, 2019 in CreditSuisse
CS

As highlighted here and here, in July 2018 Credit Suisse resolved a $77 million Foreign Corrupt Practices Act enforcement action concerning its internship and hiring practices involving family members of alleged Chinese “foreign officials.”

As highlighted here, the DOJ recently unsealed criminal charges against former Credit Suisse bankers (Andrew Pearse, Surjan Singh, and Detelina Subeva) in connection with financing various maritime deals in Mozambique.

The question thus arises: what does this mean for Credit Suisse?

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Former Credit Suisse Bankers Charged With FCPA And Other Offenses In Connection With Various Mozambican Maritime Projects

By on January 4, 2019 in 2019 Enforcement Actions, Andrew Pearse, CreditSuisse, Detelina Subeva, DOJ Enforcement Action, Financial Services Industry, Individual Enforcement Action, Jean Boustani, Manuel Chang, Mozambique, Surjan Singh, Uncategorized
mozambique

Yesterday this criminal indictment was unsealed charging former Credit Suisse bankers Andrew Pearse, Surjan Singh, and Detelina Subeva with conspiracy to violate the FCPA’s anti-bribery and internal controls provisions in connection with financing various Mozambican maritime projects.

In many respects, the action is similar to the November 2018 enforcement action against various individuals associated with Goldman Sachs in connection with Malaysia’s 1MDB fund (see here for the prior post).

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