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Violation Tracker Individual Record

Company: Credit Suisse Securities (USA) LLC et al.
Current Parent Company: UBS
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
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Penalty: $495,000,000
Year: 2022
Date: October 17, 2022
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: mortgage abuses
Mega-Scandal: Toxic Securities
Violation Description: Credit Suisse Securities (USA) LLC, Credit Suisse First Boston Mortgage Securities Corp., and DLJ Mortgage Capital, Inc. agreed to pay total of $495 million, including $300 million restitution, in settlement of allegations the companies misrepresented the risks of residential mortgage-backed securities, the fraudulent selling of which caused losses to investors during the 2008 financial crisis.
Level of Government: state
Action Type: agency action
Agency: New Jersey Attorney General
Civil or Criminal Case: civil
Facility State: New Jersey
HQ Country of Current Parent: Switzerland
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking & securities
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.