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.

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Email *

Submit