HSBC Settles SEC Case Over Rogue Pension Fund

Law360, New York (September 19, 2007, 12:00 AM EDT) -- HSBC Bank USA will pay $10.5 million to settle charges by the U.S. Securities and Exchange Commission that it lent its name and logo to a fraud offering that targeted Latin American investors.

The SEC said in a statement Wednesday that the settlement resolved charges brought by the commission's enforcement division that the bank allowed its name and reputation to be associated with a rogue fund whose principals pocketed up to 95% of investors' funds in commissions and fees.

HSBC neither admitted nor denied the charges....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.