Monday, December 8, 2014

SEC Press Releases

HSBC’s Swiss Private Banking Unit Charged With Providing Unregistered Services to U.S. Clients

HSBC’s Swiss-based private banking arm has been charged with violating federal securities laws by failing to register with the SEC before providing cross-border brokerage and investment advisory services to U.S. clients. HSBC Private Bank (Suisse) agreed to admit wrongdoing and pay $12.5 million to settle the SEC’s charges.

The owner of several now-defunct investment entities has been charged with fraudulently selling shares of stock that he claimed to own when he had actually purchased them for others a few years before.

Fraud charges have been announced against two former top executives at a Wisconsin-based assisted living provider accused of listing fake occupants at some senior residences in order to meet the requirements of a lease to operate the facilities.

A penny stock promoter in Montana has been charged with orchestrating a fraudulent pump-and-dump scheme involving the stock of a Northern Virginia-based company that claims to be in the airport security business. 

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