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Credit Suisse to pay $196M to settle SEC charges

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By The Associated Press
Saturday, Feb. 22, 2014, 12:01 a.m.

Credit Suisse Group AG will pay $196 million to settle charges that it violated federal securities law by providing cross-border financial services for U.S. clients without registering with regulators.

The Securities and Exchange Commission says the Swiss bank provided these services to thousands of clients over a seven-year period.

The SEC said that while Credit Suisse knew it was violating securities law with the disputed services, it took the bank until 2013 to exit the business completely.

Credit Suisse agreed to the payment and acknowledged wrongdoing to settle the charges.

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