Credit Suisse Agrees to Pay $10 Million to Settle Charges Related to Handling of Retail Customer Orders

The Securities and Exchange Commission today announced that Credit Suisse Securities (USA) LLC has agreed to settle charges brought by the SEC and the Office of the New York Attorney General regarding material misrepresentations and omissions made in connection with its now-closed Retail Execution Services (RES) business’ handling of certain customer orders. The settlements require Credit Suisse to pay $5 million to the SEC and $5 million to the NYAG for a total of $10 million. According to the SEC’s order, Credit Suisse created the RES desk to execute orders for other broker-dealers that handle order flow on behalf of retail investors.