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Saturday, May 18, 2024 | Back issues
Courthouse News Service Courthouse News Service

Swiss Bank Whacked for $12.5 Million

WASHINGTON (CN) - HSBC Private Bank, of Switzerland, will pay $12.5 for failing to register its cross-border brokerage and advisory services for U.S. clients, the SEC said.

HSBC Private Bank (Suisse) collected 368 U.S. accounts, took $5.7 million in fees and sent agents to the United States for 10 years without registering with the SEC, the agency said.

It filed the settled cease-and-desist order on Tuesday.

Unlike most SEC settlements, the Swiss bank in this case admitted wrongdoing, the SEC said.

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