Career
Since 1998,Dario Item has been actively engaged as an international lawyer with a focus on trust law,criminal law,banking law,diplomatic law,and consular law.
In 2015,he established a branch of his law firm in London. In 2016,he entered the diplomatic corps of Antigua and Barbuda,initially serving as Consul General,and subsequently assuming the role of Head of Mission at the Embassy in Madrid in 2018.
Beyond his diplomatic role,he has authored various academic works on trust law,banking and anti-money laundering law and criminal law. [12]
Credit Suisse case
In the aftermath of the Credit Suisse financial scandal resulting in the write-down of CHF 16 billion of AT1 bonds,Dario Item,on May 15,2023,significantly contributed towards public understanding by publishing crucial documents on Antigua.news,a local media outlet in Antigua and Barbuda. [19] [3]
In the disclosure,Dario Item was the first to expose the contents of FINMA's orders on March 19 and March 22,2023,highlighting contradictions with statements from FINMA,the Swiss government,the Swiss National Bank,and the CEO of Swiss Credit in the week preceding the bank's collapse.
His revelations gained substantial international attention,being prominently covered by Financial Times , [20] Reuters , [21] Finews, [22] El Español , [23] and other major news outlets. [3] [14] [15] [16] [24] Financial Times ’s Corporate Finance Editor Robert Smith considered this expose as "one of the most consequential European banking scoops of the year". [13] In a follow-up article,the Financial Times said that Dario Item “got hold of the Swiss smoking gun and scooped the world’s financial press.” [3]
Following this,Ambassador Item continued to publish significant revelations. On October 3,2023,he released an article titled "Credit Suisse AT1s Case:The Unspoken Things", [25] shedding light on the lack of transparency during the March 19,2023 press conference and the subsequent merger between UBS and Credit Suisse. This story was picked up by several newspapers,including Corriere del Ticino , [26] Inside Paradeplatz, [27] and El Pais . [28]
On Nov. 3 and Nov. 4,2023 two new stories written by Dario Item were also picked up by other media. The first article,titled "Credit Suisse AT1 Bonds:The Missed Opportunity", [29] revealed,on the basis of until then undisclosed documents,Credit Suisse's unfair behavior toward its AT1 investors. The second article,titled "CSG AT1s CASE:Class action In the U.S. against Credit Suisse,its officers and PricewaterhouseCoopers", [30] announced before everybody else the filing of a class action lawsuit in the U.S. against Credit Suisse,its officers and Pricewaterhousecoopers. These revelations brought forward by Ambassador Item became sources and further covered by Die Weltwoche , [31] Corriere del Ticino, [32] Inside Paradeplatz [33] and El País. [28]
On March 3,2024,Item published an article titled "Credit Suisse AT1:FINMA asks court not to show files to plaintiffs", [34] which presented previously unpublished documents indicating that FINMA sought to prevent plaintiffs' access to certain files through legal actions described as delaying tactics. The story was subsequently referenced by Financial Times, [35] [36] El Pais, [37] Corriere del Ticino, [38] Finews, [39] [40] and Tages-Anzeiger . [41]
On September 5,2024,Ambassador Item published a new scoop on Antigua.news. In an article headlined “AT1 case:Credit Suisse relationship managers lied to clients,too” [42] he made public a series of confidential documents showing how a pyramidal disinformation strategy aimed at reassuring the bank's clients and investors was in place in order to limit capital outflows and the loss of value of Credit Suisse Group's bonds and stocks. He showed how such behavior by management and relationship managers manipulated the market by doping the value of CSG securities and causing harm to investors. This news was picked up by Finews,Corriere del Ticino,Inside Paradeplatz,Economia Digital and other media. [43] [44] [45] [46]
Dario Item is recognized by the international press as a primary source for comprehending the Credit Suisse AT1s case. [37] [47] [24] [33] According to Finews:“When it comes to the latest upheavals in the financial world's executive floors,the «Financial Times»is usually well-informed early on. It's also a common tactic at the local banking hub to prepare the markets for profound news through the British newspaper. Yet,in the heated legal battle concerning Credit Suisse's (CS) mandatory convertible bonds (AT1-Bonds),where nearly 16 billion Swiss francs are at stake for the parties involved,the British paper was repeatedly outpaced by the obscure «Antigua News»:Time and again,the news portal on the Caribbean island,unknown outside of it,reported faster and,above all,was exceptionally well-informed about the negotiations.”. [40]
The media outlet where Item published these scoops,Antigua.news,was awarded the Best Online News Media of the Year 2023 for the entire Caribbean. [48] [49] This award has also been confirmed in 2024. [50] [51] [52]
