Credit Suisse Pilfers Ex-Truist Exec Rick Wolfgram for Tech Investment Role

Credit Suisse Group has hired Rick Wolfgram as managing director for its tech investment banking group, a Bloomberg report said Wednesday (June 29).

Wolfgram was recently a managing director for Truist Financial Corp., leading internet and digital media investment banking.

He worked on transactions including initial public offerings (IPOs) for companies including Coursera, DoubleVerify, NerdWallet, Udemy and Snap. He also helped out with a high-yield offering for Cars.com.

In this new role, he’ll be reporting to Credit Suisse global head of tech investment banking Brian Gudofsky, according to reports.

This comes as Credit Suisse has been convicted in Switzerland’s federal criminal court of failing to prevent money laundering, PYMNTS wrote.

The bank had been on trial because of allegations that it, along with a former employee, didn’t take the right actions to prevent a Bulgarian drug trafficking outfit from laundering profits through the bank.

Credit Suisse was fined the equivalent of $2 million, and the bank said it would be appealing the verdict.

See also: Credit Suisse Conviction Signals New Money Laundering Liabilities for Banks

With the conviction, PYMNTS wrote that banks might be seeing more scrutiny in general for actions they’ve taken, even going back decades, with “significant” fallout.

The report noted that the decision will likely have impact beyond Credit Suisse, which still has hundreds of billions of dollars of cash on hand. The report notes that the criminal charges stem from actions dating back to 2004 and 2008, going along with inadequate screening of cash deposits.

The deposits had been accepted with regularity in amounts over $500,000.

The report notes that Credit Suisse has said it’s “continuously testing its anti-money laundering framework and has been strengthening it over time, in accordance with evolving regulatory standards.”

But whether or not the fine or the appeal goes as the company wants, PYMNTS wrote that the regulations for the sector are likely to keep tightening no matter what.