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HSBC Settles SEC Case Over Rogue Pension Fund

Law360 (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....
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