SEC to accuse Credit Suisse of inflating AUM reports - FT
Dec 7 (Reuters) - The U.S. Securities and Exchange Commission is preparing to file charges against Credit Suisse Group AG for inflating reports of assets under management in its private bank, the Financial Times reported, citing people familiar with the case.
The SEC will allege that starting in 2012, Credit Suisse at times improperly counted client assets in the Americas as net new assets for the Swiss private bank, the newspaper reported. (http://on.ft.com/1XW2OcG)
The SEC and Credit Suisse declined to comment.
(Reporting By Sudarshan Varadhan in Bengaluru; Editing by Saumyadeb Chakrabarty)
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