Credit Suisse fined for mortgage-backed securities violations
Credit Suisse, which was taken over by UBS, settled a US Securities and Exchange Commission (SEC) investigation into prohibited fund services with a payment of a good $10 million.
Credit Suisse is said to have violated the regulations regarding mortgage-backed securities.
+ Where did it all go wrong for Credit Suisse?
Credit Suisse Securities and other CS units were prohibited from acting as issuers or advisors for investment funds, according to a statement from the SEC published on Thursday night. Nevertheless, they worked in these functions.
According to the information, the New Jersey Superior Court closed the case with a settlement order in October 2022. Specifically, in the SEC settlement, the CS entities will now pay over $7.7 million in restitution and interest, as well as $3.3 million in civil penalties.
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