SEC to challenge Credit Suisse on asset figures
The Securities and Exchange Commission (SEC) has allegedly prepared new charges against Credit Suisse, which is said to have misled investors on net new asset growth.
The Securities and Exchange Commission has not yet confirmed the launch of a new investigation, however, speaking to InvestmentEurope, a spokesperson for Credit Suisse referred to the Group’s 2014 annual report (page 358), which acknowledges the accusation, as well as a possible SEC Investigation and pledges to establish a review on the matter.
According to a Financial Times report Credit Suisse allegedly miscounted client assets in the Americas as net new assets to its Swiss Private Banking business.
The allegation as such is not new. In February 2014, the United States Senate Permanent Subcommittee on Investigations issued a report challenging Credit Suisse’s disclosure of net new assets.
The news represents yet another challenge for recently appointed CEO Tidjane Thiam, who struggles with the group’s legacy. In September this year, the group settled for more than $80 million (€73.75m) with US state and federal authorities following an allegation of dark pool trading activities. Last year, the bank was fined $2.5bn (€2.3bn) after pleading guilty to US tax charges.