Swiss Bank Fined $3.5 Million
Mar. 06, 1996
WASHINGTON (AP) _ Swiss Bank Corp. has agreed to a $3.5 million fine for excessive earnings on its U.S. securities dealings, the Federal Reserve said Wednesday.
The consent order settled all charges against the firm's securities underwriting subsidiary, SBC Capital Market Inc. in New York. The company did not admit any wrongdoing,the Fed said.
In receiving Fed approval for underwriting activities in the United States, the company had agreed the securities earnings would not exceed 10 percent of its total revenues. No other details were available Wednesday.