April 04, 2017

Credit Suisse Securities (USA) LLC, Sanford Michael Katz

Trading and Pricing


Defendants: Credit Suisse Securities (USA) LLC
Sanford Michael Katz

Respondent Katz was an investment adviser for Credit Suisse in San Francisco, and the SEC found that he improperly invested clients in more expensive “Class A” shares of mutual funds rather than less expensive “institutional” shares for which they were eligible. The greater expense of class A shares is attributable to certain fees, which the mutual funds here allegedly paid to Credit Suisse, with a portion going to Katz.

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