Defendant Name: HSBC Bank USA, N.A.

Defendant Type: Subsidiary of Public Company
Public Company Parent: HSBC Holdings plc
SIC Code: 6029
CUSIP: 40428040

Initial Case Details

Legal Case Name SEC v. HSBC Bank USA, N.A.
First Document Date 20-Sep-2007
Initial Filing Format Civil Proceeding
Case Number 07-cv-22469
Allegation Type Issuer Reporting and Disclosure
Federal District Court Florida, Southern District of Florida

Violations Alleged

Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)

Resolutions

First Resolution Date 12-Oct-2007
Headline Total Penalty and Disgorgement $10,500,560

Related Documents:

complaint_07-cv-22469 20-Sep-2007 Complaint
Complaint
The SEC stated: "During the Relevant Period, HSBC had procedures in place providing for the review of any materials using the HSBC name or logo. When reviewing Pension Fund's new marketing materials, HSBC failed to follow its own internal marketing approval procedures."
court_doc5_07-cv-22469 25-Sep-2007 Court Docket Document
Final Judgement as to Defendant HSBC Bank USA, N.A.
The Court stated: "Defendant HSBC Bank USA, N.A. (“Defendant”) . . . consents to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction); (3) waives findings of fact and conclusions of law; and (4) waives any right to appeal from this Final Judgment."
LR-20328 12-Oct-2007 Litigation Release
SEC Obtains $10.5 Million Judgment against HSBC Bank in Settled Civil Action
The SEC stated: "[O]n September 25, 2007, the District Court for the Southern District of Florida entered a Final Judgment in its settled civil action against HSBC Bank USA, N.A. ("HSBC"), imposing a $10 million penalty and ordering HSBC to pay disgorgement in the amount of $463,893, with prejudgment interest of $36,667, for allowing its name and logo to be used in connection with a Florida-based offering fraud by Pension Fund of America, L.C. (Pension Fund)."