News

Fines and bans for ex-Credit Suisse Financial Products senior managers

by Compliance Monitor and Deloitte & Touche Governance and Regulation

Christopher Goekjan, the former CEO of Credit Suisse Financial Products (CSFP), now called Credit Suisse First Boston International (CSFBi), has been fined UK£150,000 by the FSA for failing adequately to supervise and monitor staff who were assigned to manage an audit by the Japanese tax authority (NTA) in 1996-7 and for not detecting, investigating and intervening to remedy misconduct.Two other former senior managers at CSFP were banned for their part in seeking to mislead the Japanese tax authority or financial services regulator. Robert Stevens,the ex-head of financial control, has been barred from holding any position requiring FSA approval on the ground that he is not fit and proper. He had, amongst other breaches, prepared material for the NTA that was misleading and advised an employee, who said that she had been told to pass on defective information, to “do as she had been told”. Mr Stevens also knew that staff had intentionally given misleading and incomplete responses to the NTA and had taken paperwork offsite in order that the tax investigators would not see it.