Banco Espirito To Shell Out $7M Over Securities Sales

Law360, New York (October 24, 2011, 3:21 PM EDT) -- International banking conglomerate Banco Espirito Santo SA has agreed to pay nearly $7 million to settle allegations that it sold securities in the U.S. without going through an authorized broker-dealer or investment adviser, the U.S. Securities and Exchange Commission announced Monday.

Between 2004 and 2009, Portugal-based BES sold brokerage services and investment advice to roughly 3,800 U.S. residents, most of whom were Portuguese immigrants, the SEC said. BES sold securities to its U.S. customers even though it was not a registered broker-dealer and its trades did...
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