Credit Suisse Securities Sanctioned After Being Accused of Reporting Violations
Credit Suisse Securities (USA) LLC was fined and censured by the Financial Industry Regulatory Authority (“FINRA”) relating to allegations that Credit Suisse failed to timely report orders and transmitted reports that contained inaccurate, incomplete, or improperly formatted data.
FINRA’s Department of Market Regulation had staff members review Credit Suisse Securities’ compliance with FINRA rules applicable to the Order Audit Trail System (“OATS”) reporting for three different time intervals spanning from January 1, 2011 through August 31, 2011, according to FINRA.
In the various reviews, the staff members found that Credit Suisse Securities failed to timely report to OATS 77,075,490 Reportable Order Events, that it had transmitted to OATS 69 Execution or Combined Order/Execution Reports that contained inaccurate, incomplete, or improperly formatted data that OATS was unable to link to the related trade reports in a FINRA trade reporting system, and they found that Credit Suisse failed to accept or decline in the FINRA/Nasdaq Trade Reporting Facility 76 transactions in reportable securities within 20 minutes after execution, according to FINRA.
Credit Suisse Securities consented to being censured and fined $37,500 without admitting or denying FINRA’s findings.
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Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.