Investigation of Credit Suisse AG
The Securities and Exchange Commission today announced that Credit Suisse AG has agreed to pay a $90 million penalty and admit wrongdoing to settle charges that it misrepresented how it determined a key performance metric of its wealth management business. If you have suffered investment losses, The White Law Group may be able to help you recover your investment losses.
A former executive agreed to settle charges that he was a cause of Credit Suisse’s violations.
An SEC investigation found that Credit Suisse veered from its publicly disclosed methodology for determining net new assets (NNA), a metric valued by investors in financial institutions to measure success in attracting new business. Disclosures stated that Credit Suisse was individually assessing assets based on each client’s intentions and objectives. But Credit Suisse at times instead allegedly took an undisclosed results-driven approach to determining NNA in order to meet certain targets established by senior management.
According to the SEC’s orders, Rolf Bögli, who served as chief operating officer of the firm’s private banking division, pressured employees to classify certain high net worth and ultra-high net worth client assets as NNA despite concerns raised by employees most knowledgeable about a particular client’s intent.
Bögli neither admitted nor denied the SEC’s findings that he was a cause of certain Credit Suisse violations. Bögli agreed to pay an $80,000 penalty.
Recovery of Investment Losses
If you suffered losses investing with Credit Suisse AG, the attorneys at The White Law Group may be able to help. For a free consultation, please call (888) 637-5510.
The foregoing information, which is all publicly available on the SEC’s website, is being provided by The White Law Group. The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group and it’s representation of investors, visit www.whitesecuritieslaw.com.