{"id":26044,"date":"2017-04-05T09:38:16","date_gmt":"2017-04-05T09:38:16","guid":{"rendered":"http:\/\/www.biphoo.com\/bipnews\/?p=26044"},"modified":"2017-04-05T09:38:16","modified_gmt":"2017-04-05T09:38:16","slug":"u-s-regulator-fines-credit-suisse-unit-adviser-improper-investments","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/u-s-regulator-fines-credit-suisse-unit-adviser-improper-investments.html","title":{"rendered":"U.S. regulator fines Credit Suisse unit, adviser over improper investments"},"content":{"rendered":"<h2 style=\"text-align: justify;\">\n\t<span style=\"font-size:22px;\"><strong><span style=\"color:#000000;\"><span style=\"font-family:arial,helvetica,sans-serif;\">U.S. regulator fines Credit Suisse unit, adviser over improper investments<\/span><\/span><\/strong><\/span><br \/>\n<\/h2>\n<p style=\"text-align: justify;\">\n\t<span style=\"color:#000000;\"><span style=\"font-size:18px;\"><span style=\"font-family:arial,helvetica,sans-serif;\">U.S. regulator fines Credit Suisse unit, adviser over improper investments:- Credit Suisse Securities (USA), a unit of Credit Suisse AG (CSGN.S), and a former investment adviser have agreed to pay about $8 million in fines to settle charges relating to improper investments, the U.S. Securities and Exchange Commission said.<\/span><\/span><\/span>\n<\/p>\n<p style=\"text-align: justify;\">\n\t<span style=\"color:#000000;\"><span style=\"font-size:18px;\"><span style=\"font-family:arial,helvetica,sans-serif;\">According to the SEC&#39;s orders issued on Tuesday, Credit Suisse collected about $3.2 million in avoidable fees from clients during 2009-2014, and about $2.5 million of that amount was generated from Sanford Katz&#39;s advisory clients. (bit.ly\/2nVHr1H)<\/span><\/span><\/span>\n<\/p>\n<p style=\"text-align: justify;\">\n\t<span style=\"color:#000000;\"><span style=\"font-size:18px;\"><span style=\"font-family:arial,helvetica,sans-serif;\">Without admitting or denying the SEC&#39;s findings, Credit Suisse and Katz will collectively pay disgorgement of about $3.2 million, some $600,000 in prejudgment interest, and penalties totaling around $4.1 million.<\/span><\/span><\/span>\n<\/p>\n<p style=\"text-align: justify;\">\n\t<span style=\"color:#000000;\"><span style=\"font-size:18px;\"><span style=\"font-family:arial,helvetica,sans-serif;\">Katz, who was a former managing director and relationship manager at the bank&#39;s San Francisco office, purchased or held Class A mutual fund shares for advisory clients who were eligible to purchase or hold less expensive institutional share classes of the same mutual funds, the SEC said.<\/span><\/span><\/span>\n<\/p>\n<p style=\"text-align: justify;\">\n\t<span style=\"color:#000000;\"><span style=\"font-size:18px;\"><span style=\"font-family:arial,helvetica,sans-serif;\">Credit Suisse did not immediately respond to an email outside regular U.S. business hours. Katz could not immediately be reached for comment.<\/span><\/span><\/span>\n<\/p>\n<p style=\"text-align: justify;\">\n\t<span style=\"color:#000000;\"><span style=\"font-size:18px;\"><span style=\"font-family:arial,helvetica,sans-serif;\">In January, Credit Suisse formally agreed to pay $5.3 billion to settle with U.S. authorities over claims it misled investors in residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis.<\/span><\/span><\/span>\n<\/p>\n<p style=\"text-align: justify;\">\n\t<span style=\"color:#000000;\"><span style=\"font-size:18px;\"><span style=\"font-family:arial,helvetica,sans-serif;\">Last year, Calvert Investments agreed to settle a civil case with the SEC after being accused of mispricing bonds and collecting inflated fees.<\/span><\/span><\/span>\n<\/p>\n<p style=\"text-align: justify;\">\n\t<span style=\"font-size:8px;\"><span style=\"color:#000000;\"><span style=\"font-family:arial,helvetica,sans-serif;\">Source:-&nbsp;http:\/\/www.reuters.com\/article\/us-credit-suisse-gp-sec-fine-idUSKBN1770AY<\/span><\/span><\/span><\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.biphoo.com\/bipnews\/business\/u-s-regulator-fines-credit-suisse-unit-adviser-improper-investments.html\"\n\t\t\t  \tdata-numposts = \"10\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground: #ffffff !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 630px !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>U.S. regulator fines Credit Suisse unit, adviser over improper investments U.S. regulator fines Credit Suisse unit, adviser over improper investments:- Credit Suisse Securities (USA), a unit of Credit Suisse AG (CSGN.S), and a former investment adviser have agreed to pay about $8 million in fines to settle charges relating to [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":26045,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[16320,14491,14874,13030,16319],"class_list":["post-26044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-adviser-over-improper-investments","tag-business-news-headlines","tag-latest-business-news-today","tag-latest-news-online","tag-u-s-regulator-fines-credit-suisse-unit"],"_links":{"self":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/26044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/comments?post=26044"}],"version-history":[{"count":0,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/26044\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media\/26045"}],"wp:attachment":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media?parent=26044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/categories?post=26044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/tags?post=26044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}