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Credit Suisse to pay $30M to settle SEC charges on Asia-Pacific corruption

|About: Credit Suisse Group AG (CS)|By: , SA News Editor

Credit Suisse (CS +0.7%) agrees to pay $30M to resolve SEC charges that it gained investment banking business in the Asia-Pacific region by "corruptly influencing foreign officials" and violated the Foreign Corrupt Practices Act.

Last month, the bank agreed to pay a $47M criminal penalty to the U.S. Department of Justice.

According to the SEC’s order, several senior Credit Suisse managers in the Asia-Pacific region sought to win business by hiring and promoting individuals connected to government officials as part of a quid pro quo arrangement.

The SEC’s order found that in a seven-year period, Credit Suisse hired more than 100 employees at the request of foreign government officials.

The amount to be paid to the SEC includes disgorgement of $24.9M plus $4.8M in interest.

Previously: Credit Suisse to pay $47M penalty to DOJ to resolve Asia-Pac hiring probe (June 6)