Credit Suisse admits wrongdoing in asset measure, to pay $90 million
Credit Suisse AG (CSGN.S)(CS.N) will pay a $90 million (70.5 million pounds) penalty and admit wrongdoing after an investigation by U.S. regulators found the bank misrepresented how it determined a performance metric in its wealth management business to investors.
The Securities and Exchange Commission said former Credit Suisse executive Rolf Bogli, 52, also agreed to settle and pay $80,000 for his role in the violations.
The SEC said its probe found the bank did not follow the methodology it had publicly disclosed for determining new net assets. The metric, the regulator said, helps... read more
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