Defendant Name:
Credit Suisse Group AG
Defendant Type:
Public Company
Document Reference:
2014-39
Document Details
Legal Case Name
In the Matter of Credit Suisse Group AG
Document Name
Credit Suisse Agrees to Pay $196 Million and Admits Wrongdoing in Providing Unregistered Services to U.S. Clients
Document Date
21-Feb-2014
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
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.
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Various Undertakings
