SEC Lobs Another Soft Admission With Credit Suisse Deal
By Carmen Germaine (October 6, 2016, 11:10 PM EDT) -- The U.S. Securities and Exchange Commission may be justifiably pleased about snagging yet another admission of wrongdoing with Wednesday's Credit Suisse settlement, but experts say the bank's admission to negligence-based fraud shows a cozier side of the agency's enforcement efforts.
In the settlement, Credit Suisse AG agreed to pay an impressive $90 million fine and give the agency a rare admission of wrongdoing by conceding that it veered from its publicly disclosed method for calculating a key metric for assessing its wealth management business — new net assets — in order to meet metric targets. As a result of the misleading...
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