February 21, 2014 / 5:05 PM / in 4 years

Credit Suisse pays $196 mln, admits wrongdoing in SEC settlement

Feb 21 (Reuters) - Credit Suisse Group AG agreed to pay more than $196 million and admit wrongdoing to settle U.S. Securities and Exchange Commission charges that it provided cross-border brokerage and investment advisory services to U.S. clients without first registering with the regulator.

“Broker-dealer and investment adviser registration provisions are core protections for investors,” Andrew Ceresney, director of the SEC enforcement division, said in a statement on Friday. “As Credit Suisse admitted as part of the settlement, its employees for many years failed to comply with these requirements, and the firm took far too long to achieve compliance.”

In settling SEC administrative proceedings, Credit Suisse agreed to pay $82.2 million representing income from its U.S. cross-border securities business, $64.3 million of interest and a $50 million fine.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below