Defendant Name:
HSBC Private Bank (Suisse), SA
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
HSBC Holdings plc
SIC Code:
6035
CUSIP:
40428040
Document Reference:
34-73681
Document Details
Legal Case Name
In the Matter of HSBC Private Bank (Suisse), SA
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 15(b)(6) 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
Document Date
25-Nov-2014
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On November 25, 2014, the SEC instituted settled administrative and cease-and-desist proceedings against HSBC Private Bank (Suisse), SA. According to the SEC: "From at least 2003 until its exit in 2011 from its business of providing broker-dealer and investment advisory services to U.S. clients (the 'U.S. cross-border securities business'), HSBC Private Bank, through actions of certain relationship managers ('RMs') employed by it, its predecessor ('HSBC Private Bank (Legacy)'), and HSBC Guyerzeller Bank AG ('HSBC Guyerzeller Bank'), which became a part of HSBC Private Bank in 2009, violated certain provisions of the federal securities laws by providing cross-border brokerage and investment advisory services to U.S. clients without registering with the Commission as a broker-dealer and investment adviser."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Monetary Penalties:
Disgorgement
Individual:
$5,723,193.00
Shared:
Civil Penalty
Individual:
$2,600,000.00
Shared:
Pre-Judgment Interest
Individual:
$4,215,543.00
Shared:
