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Credit Suisse to pay $90M over representations of wealth management biz

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Credit Suisse to pay $90M over representations of wealth management biz

Credit SuisseGroup AG agreed to pay the SEC a $90 million penalty to settlecharges that it misrepresented a key performance metric related to its wealthmanagement business.

The company, which admitted that its conduct violatedfederal securities laws, was accused of reverse engineering its publiclydisclosed methodology for calculating net new assets in order to meet targets.Net new assets is a metric used to measure success in attracting new business.

The SEC investigation found that , the former COO of the firm'sprivate banking division, pressured employees to classify certain high-networth client assets as net new assets.

Bögli, who agreed to pay an $80,000 penalty, neitheradmitted nor denied the SEC's findings.