Defendant Name: Credit Suisse Group AG

Defendant Type: Public Company
SIC Code: 6211
CUSIP: 22540110

Initial Case Details

Legal Case Name In the Matter of Credit Suisse Group AG
First Document Date 21-Feb-2014
Initial Filing Format Administrative Action
File Number 3-15763
Allegation Type Broker Dealer

Violations Alleged

Other
• Section 15(a) Exchange Act; Section 203(a) Investment Adviser's Act

Resolutions

First Resolution Date 21-Feb-2014

Related Documents:

34-71593 21-Feb-2014 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 15(B)(4) and 21C of the Securities Exchange Act of 1934 and Sections 203(e) And (k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On February 21, 2014 the SEC accepted Credit Suisse Group AG's offer of settlement. According to the SEC, Credit Suisse Group AG, "through actions of certain of its relationship managers ("RMs") violated the federal securities laws by providing certain cross-border brokerage and investment advisory services to U.S. clients."
2014-39 21-Feb-2014 Press Release--Administrative Proceeding
Credit Suisse Agrees to Pay $196 Million and Admits Wrongdoing in Providing Unregistered Services to U.S. Clients
On February 21, 2014, the SEC announced charges against Zurich-based Credit Suisse Group AG ("Credit Suisse") for violating the federal securities laws by providing cross-border brokerage and investment advisory services to U.S. clients without first registering with the SEC. Credit Suisse began conducting cross-border advisory and brokerage services for U.S. clients as early as 2002, amassing as many as 8,500 U.S. client accounts that contained an average total of $5.6 billion in securities assets. According to the SEC's order instituting settled administrative proceedings, Credit Suisse was aware of the registration requirements of the federal securities laws and undertook initiatives designed to prevent such violations. These initiatives largely failed, however, because they were not effectively implemented or monitored. In order to settled the SEC's charges, Credit Suisse agreed to pay $196 million and admit wrongdoing.