Broker-Dealer Settles Charges regarding Mishandling of Retail Customer Orders

A broker-dealer agreed to pay $10 million to settle charges brought by the SEC and the Office of the New York Attorney General for inaccurate statements regarding the handling of held retail equity orders.

According to the SEC Order, Credit Suisse's now-closed retail market making desk did not properly execute held equity orders for its retail broker-dealer customers. In contradiction of the desk's advertising to its customers, (i) the desk only executed a de minimis number of held order in dark pools and (ii) retail customers did not receive any price improvements on their non-reportable orders.

Credit Suisse neither admitted nor denied the findings.