Credit Suisse has again been fined by U.S. financial market regulators. This time the Swiss bank has to cough up because it wasn’t honest enough with clients.
Credit Suisse has been fined a total of $10 million, news agency «Reuters» reported. Half of the fine will go to the New York state prosecutor and the rest to the Securities and Exchange Commission, or SEC.
The bank had promised retail customers access to dark pools, but then only conducted a «minimal» number of orders through this medium, according to the regulators. Credit Suisse also favored client business conducted through public accounts, which also prejudiced small customers.
$130 Million Collected
The agreement, which absolved Credit Suisse of any guilt, concerned orders placed between 2011 and 2015, according to «Reuters». New York prosecutor Barbara Underwood collected some $130 million from banks involved in the investigations, it reported.
