The fallout from the Credit Suisse debacle has not only impacted investors in the bank's bonds but also led to serious legal consequences for high-profile fund managers like Ken Leech.
In March 2023, Credit Suisse's AT1 bonds were declared worthless, triggering a catastrophic chain reaction affecting strategies like Leech's Macro Opportunities, that suffered significant asset outflows.
As government investigations reveal, Leech's response to the financial turmoil was to amplify his fraudulent practices to cover losses, ultimately leading to severe repercussions for himself and the company.
The SEC's court filings detail how Leech's actions caused 'acute problems' within his fund management strategies, emphasizing the extensive fallout from his initial investment in Credit Suisse bonds.
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