Credit Suisse struck an arrangement with Wells Fargo seven years ago, as it prepared to close down its US wealth management division. Credit Suisse withheld millions of dollars of deferred compensation from the advisors it was about to release, as Wells Fargo would offer them all bonuses to sign with Wells of up to 300% their annual revenue.

One advisor however was not issued such an offer, while Credit Suisse kept his promised deferred compensation as it released him and closed down his division.

Now an arbitration panel has concluded that Wells Fargo aided Credit Suisse’s scheme to “steal” advisors’ deferred compensation as part of this complicated arrangement, and ordered Wells Fargo to pay the advisor $1 million for “negligent misrepresentations, fraud, [and] aiding and abetting Credit Suisse’s scheme to steal the deferred compensation from its relationship managers,” according to the arbitration award.

Credit Suisse was not named in the arbitration. It reached a confidential settlement with the advisor separately. Dozens of arbitration claims have been filed against the Swiss bank by former Credit Suisse advisors, who allege the bank has been withholding millions in deferred compensation. The company denies the allegations.

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