FINRA Sanctions Credit Suisse Securities for Supervisory Issues
According to a Letter of Acceptance Waiver and Consent posted on FINRA’s site on April 5, the regulator has censured and fined Credit Suisse Securities USA (CRD #816) $345,000 for supervisory issues.
Between July 2016 to April 2019, Credit Suisse reportedly failed to establish and maintain a supervisory system, including written supervisory procedures, reasonably designed to monitor its employees’ outside brokerage accounts, according to the letter. The firm’s alleged supervisory deficiencies led to its failure to timely monitor thousands of employee outside brokerage accounts for compliance with the firm’s trading restrictions designed to identify self dealing and other potentially deceptive trading practices.
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