PENDING CRIMINAL DIVISION CASES
United States v. Credit Suisse Securities (Europe) Limited
Court Docket Number: 21-CR-520 (WFK)
Overview: On October 19, 2021, Credit Suisse Group AG and Credit Suisse Securities (Europe) Limited (“CSSEL”) (collectively, “Credit Suisse”) admitted to defrauding U.S. and international investors that purchased securities to finance an $850 million loan for a tuna fishing project in Mozambique, known as Empresa Moçambicana de Atum, S.A. (“EMATUM”). Credit Suisse Group AG entered into a deferred prosecution agreement and CSSEL pleaded guilty to conspiracy to commit wire fraud. Under the plea agreement with CSSEL, the Court will, at sentencing, order restitution to victims that experienced losses proximately caused by the fraud. Sentencing is scheduled for July 22, 2022 at 12:30 pm.
According to a criminal information filed in connection with the plea agreement, between 2013 and March 2017, Credit Suisse, through CSSEL, and co-conspirators used U.S. wires and the U.S. financial system to defraud investors in securities related to a Mozambican state-owned entity, EMATUM, which Mozambique created to develop a state-owned tuna fishing project. Credit Suisse, through its employees and agents, conspired to and did defraud investors and potential investors in EMATUM by making numerous material misrepresentations and omissions relating to, among other things, (1) the use of loan proceeds; (2) kickback payments to CSSEL bankers and the risk of bribes to Mozambican officials; and (3) the existence and maturity dates of debt owed by Mozambique, including another loan that Credit Suisse arranged to a Mozambique state-owned entity (ProIndicus) and a different loan another bank arranged with Credit Suisse’s knowledge. Credit Suisse represented to investors that the loan proceeds would only be used for the tuna fishing project. Instead, co-conspirators diverted loan proceeds obtained from investors. Specifically, a contractor that supplied boats and equipment for EMATUM and that received the loan proceeds from Credit Suisse paid kickbacks of approximately $50 million to CSSEL bankers and bribes totaling approximately $150 million to Mozambican government officials.
Please complete the below Victim Impact Statement with the requested information to submit a claim for restitution by March 18, 2022.
For more information about the Plea Agreement, please see the below:
Victim Impact Statement: If you would like to submit a Victim Impact Statement you may do so by mailing the Victim Impact Statement below to Victim Witness Assistance Unit, U.S. Attorney’s Office-EDNY, 271A Cadman Plaza East, Brooklyn, NY 11201. You may also submit the Victim Impact Statement by email to Victim.Witness.Unit-EDNY@usdoj.gov. Please note: As a result of the COVID-19 pandemic response, statements submitted by regular mail may be delayed. For that reason, victims are highly encouraged to submit victim impact statements by e-mail to: Victim.Witness.Unit-EDNY@usdoj.gov.
Presumption of Innocence: It is important to keep in mind that defendants are presumed innocent until proven guilty and that presumption requires both the court and our office to take certain steps to ensure that justice is served.
Crime Victims’ Rights Act and Right to Retain Counsel: The Crime Victims’ Rights Act (18 U.S.C. § 3771) applies only to victims of the counts charged in federal court, and thus individuals may not be able to exercise all of these rights if the crime of which the individual is a victim was not charged. Section 3771(c)(2) of this Act requires that we advise you that you have the right to retain counsel. Although the statute specifically sets forth your right to seek advice of an attorney with regard to your rights under the statute, there is no requirement that you retain counsel. The Government may not recommend any specific counsel, nor can the Government (or the Court) pay for counsel to represent you. Government attorneys represent the United States.
If you elect to obtain counsel to represent your interests, please have your attorney notify this office in writing at: U.S. Attorney’s Office-EDNY, 271A Cadman Plaza East, Brooklyn, NY 11201, Attention: Victim Witness Assistance Unit or email: Victim.Witness.Unit-EDNY@usdoj.gov. If you elect not to retain counsel to represent your interests, you do not need to do anything.
Plea Agreements: Please be aware that many criminal cases are resolved by plea agreement between the Department of Justice and the defendant. You should also know that it is not unusual for a defendant to seek to negotiate a plea agreement shortly before trial is scheduled to begin. Plea agreements can be made at any time and as late as the morning of trial, leaving little or no opportunity to provide notice to you of the date and time of the plea hearing. If the court schedules a plea hearing in this case, we will use our best efforts to notify you of available information as soon as practicable. If you want to inform the prosecutor of your views regarding potential plea agreements, or any other aspect of the case, please call the please call 718-254-6256 or email us at Victim.Witness.Unit-EDNY@usdoj.gov.