So-called "cocaine sharks" are the latest nightmarish animal to make headlines. The phenomenon is explored in an upcoming Discovery TV show that will air during the channel's annual "Shark Week" event.
Like "Cocaine Bear" before it – a 2023 film loosely based on a bear that consumed cocaine in a forest in 1985 – the "Cocaine Sharks" show has piqued widespread interest before it even aired.
The
court found Credit Suisse didn’t do enough to prevent money laundering
by members of the crime ring, which prosecutors said moved tons of
cocaine into Europe and washed millions of dollars through Credit
Suisse. It fined Credit Suisse around $2.1 million and ordered it to pay
around $20 million to the Swiss government.
The
former employee, who prosecutors said regularly accepted suitcases of
cash from one of the ring members that went beyond allowed limits, was
given a 20-month suspended sentence. A person from another bank and two
members of the crime ring were also found guilty of money-laundering
charges.
Credit
Suisse said it would appeal the decision. It noted that the alleged
offenses date to more than 14 years ago. It had said it was astonished
to be charged when prosecutors brought the case in December 2020. The
bank on Monday said it is continually testing its anti-money-laundering
framework and has been strengthening it over time.
The former employee’s lawyer said she wasn’t sufficiently trained by the bank, and will appeal.
The
court said Credit Suisse made it possible for the crime ring to launder
money through the bank between July 2007 and December 2008 by failing
to adequately monitor its accounts and make sure the business complied
with anti-money-laundering rules. The crime ring allegedly recruited a
Bulgarian wrestler and others in his orbit for operations transporting
drugs and laundering money.
Credit
Suisse had argued that prosecutors were alleging deficiencies based on
rules and principles that didn’t apply at the time. It said previously
that outside lawyers and consultants had reviewed its systems against
money laundering and found its organizational setup was “correct and
appropriate” in the period being probed. Prosecutors initially charged
the bank with deficiencies between 2004 and 2008 but had to narrow the
time frame because too much time had passed.
On
Tuesday, Credit Suisse will update investors on plans to cut costs this
year to help offset falling revenue in some divisions. It previously
said it expects to post its third consecutive quarterly loss for the
three months ending June 30.
You mean overpriced drugs like EPIPEN? A rather unbelievable comment coming from someone whose family SELLS GROSSLY OVERPRICED DRUGS that are VITAL to users so they have no choice but to pay the EPIPEN RANSOM.