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Credit Suisse admits US securities wrongs, pays fine

The sign of Swiss banking giant Credit Suisse is seen on November 2, 2013 in ZurichSwiss banking giant Credit Suisse has admitted it violated US securities laws and will pay $196 million to settle the charges, the Securities and Exchange Commission said Friday. The SEC action came as the Department of Justice investigates Credit Suisse for allegedly helping US citizens illegally avoid taxes. The SEC said that Credit Suisse Group violated laws by providing cross-border brokerage and investment advisory services to US clients without first registering with the SEC. According to the SEC, the Zurich-based global bank began conducting the unregistered services as early as 2002 and had collected about $82 million in fees on the accounts before completely exiting the business in mid-2013.

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