Defendant Name:
HSBC Securities (USA) Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
HSBC Holdings plc
SIC Code:
6035
CUSIP:
40428040
Document Reference:
34-88387
Document Details
Legal Case Name
In the Matter of HSBC Securities (USA) Inc.
Document Name
Corrected Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
16-Mar-2020
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On March 16, 2020, the SEC instituted settled administrative and cease-and-desist proceedings against HSBC Securities (USA) Inc. The SEC stated: "This matter arises out of misrepresentations regarding how HSBC Securities compensated dual-registered investment adviser representatives (“IARs”) in its Retail Banking and Wealth Management business. Between November 2015 and August 2017, HSBC Securities made false and misleading statements to current and prospective advisory clients and failed to disclose conflicts of interest concerning the factors HSBC Securities used to determine compensation for its IARs."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Monetary Penalties:
Civil Penalty
Individual:
$725,000.00
Shared:
