A majority of private-equity firms inflate fees and expenses charged to companies in which they hold stakes, according to an internal review by the U.S. Securities and Exchange Commission, raising the prospect of a wave of sanctions by the agency.
A Morgan Stanley broker and a law firm employee were charged with insider trading in a scheme that included passing tips on notes and napkins that a middleman swallowed under the big clock in Grand Central Terminal.
The U.S. Securities and Exchange Commission sued a former Oppenheimer broker and a clerk at a New York law firm over claims they made illegal trades on inside information that netted $5.6 million over four years.
Credit Suisse Group AG’s Chief Executive Officer Brady Dougan, under fire from U.S. lawmakers, apologized and deflected blame onto a small group of employees for helping clients hide billions of dollars from the Internal Revenue Service.
Credit Suisse Group AG helped American customers hide as much as $10 billion in assets from the Internal Revenue Service, more than double the amount previously known, according to a U.S. Senate committee.
U.S. regulators are investigating whether Credit Suisse Group AG improperly shifted money in its private banking unit to obscure a drop in asset growth amid a U.S. probe of tax evasion at Swiss banks, a person familiar with the matter said.
Credit Suisse Group AG Chief Executive Officer Brady Dougan will testify this week at a U.S. Senate committee’s hearing on offshore tax evasion, increasing pressure on the largest of 14 Swiss banks under criminal investigation for helping Americans cheat on taxes.
The U.S. Securities and Exchange Commission is considering granting private-equity firms a reprieve after they collected billions of dollars in deal fees without being registered to do so, according to a person with knowledge of the matter.