SEC Fines Credit Suisse, Adviser Over Mutual Fund Fees
Law360, New York (April 4, 2017, 6:28 PM EDT) -- Credit Suisse Securities (USA) LLC and one of its former investment advisers agreed to pay a total of nearly $8 million to end the U.S. Securities and Exchange Commission's claims they improperly invested clients in more expensive mutual funds to reap higher fees, the SEC announced Tuesday.
Credit Suisse Securities and former adviser Sanford Michael Katz will pay a combined total of nearly $8 million in disgorgement and penalties, without admitting or denying SEC allegations that they breached their fiduciary duties to clients and failed to adequately disclose conflicts of interests while improperly investing clients in more expensive shares of mutual...
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