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Credit Suisse to pay $196M to settle SEC charges

By The Associated Press
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Credit Suisse Group AG will pay $196 million to settle charges that it violated federal securities law by providing cross-border financial services for U.S. clients without registering with regulators.

The U.S. Securities and Exchange Commission say the Swiss bank provided these services to thousands of U.S. clients over a seven-year period. Regulators say the bank began to curb this practice in 2008 after a civil and criminal investigation into similar conduct by Swiss-based UBS.

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