Illegal Activity
suspicious
Blackmail
none
Date
2013-09-23
Document Type
legal filing
Model
gemini-2.0-flash-001
Processed
2026-02-07T18:43
Summary
This document discloses legal settlements involving Credit Suisse and Raymond James related to auction rate securities, as required under Rule 506(e) of Regulation D. It outlines the allegations and settlements, where both firms neither admitted nor denied wrongdoing.
Metadata
- Subject
- Certain Legal, ERISA and Tax Considerations
- Sender
- —
- Recipients
- —
- Document ID
- DB-SDNY-0055372
- Date
- 2013-09-23
Illegal Activity
- Severity
- suspicious
- Description
- The document describes past settlements related to the sale of auction rate securities, where firms like Credit Suisse and Raymond James were accused of dishonest or unethical conduct. While the document itself doesn't show ongoing illegal activity, the past actions raise concerns.
- Categories
- Securities fraud
- Content Type
- first_hand
Evidence:
- Raymond James' financial advisers inaccurately described auction rate securities at the point-of-sale.
Relationships 4
| Entity 1 | Relationship | Entity 2 | Description |
|---|---|---|---|
| Credit Suisse Securities (USA) LLC (CSSU') | legal settlement | New York State Attorney General's Office | CSSU reached an agreement with the NY State Attorney General's Office to settle investigations concerning investment products generally known as 'auction rate securities.' |
| Credit Suisse Securities (USA) LLC (CSSU') | legal settlement | North American Securities Administrators Association Task Force | CSSU reached an agreement with the North American Securities Administrators Association Task Force to settle investigations concerning investment products generally known as 'auction rate securities.' |
| Raymond James & Associates, Inc. | legal settlement | States, Puerto Rico, the Virgin Islands, and the District of Columbia | Raymond James settled with most of the states, Puerto Rico, the Virgin Islands, and the District of Columbia allegations that they failed to supervise and/or engaged in dishonest or unethical practices related to the sale of auction rate securities. |
| Raymond James Financial Services. Inc. | legal settlement | States, Puerto Rico, the Virgin Islands, and the District of Columbia | Raymond James settled with most of the states, Puerto Rico, the Virgin Islands, and the District of Columbia allegations that they failed to supervise and/or engaged in dishonest or unethical practices related to the sale of auction rate securities. |
Notable Quotes 2
Under the terms of the settlement agreement, CSSU agreed to repurchase up to 5550 million of auction rate securities held by certain investors and pay civil penalties of 515 million. Under the settlement agreement, CSSU neither admits nor denies wrongdoing.'
Although Raymond James' auction rate securities trade confirmations disclosed the risk that auction rate securities auctions could fail and that Raymond James were not obliged to ensure their success, at the point-of-sale, some of Raymond James' financial advisers inaccurately described auction rate securities. As a condition of the settlement, Raymond James offered to purchase eligible auction rate securities from eligible customers and to pay fines. Raymond James have completed all undertakings required under the settlement orders. Under the settlement orders. Raymond James neither admit nor deny wrongdoing."
Red Flags 1
- Past settlements involving Credit Suisse and Raymond James for dishonest or unethical conduct related to the marketing and sale of auction rate securities.
Financial Information
Amounts:5550 million515 million
Assets:
- auction rate securities
Transactions:
- repurchase up to 5550 million of auction rate securities
- pay civil penalties of 515 million
- Raymond James offered to purchase eligible auction rate securities from eligible customers and to pay fines.
Public Knowledge
- Context
- The settlements involving Credit Suisse and Raymond James related to auction rate securities were likely reported in the media at the time.
- Media Worthy
- Yes
Legal Compliance
- Disclosures related to Rule 506(e) of Regulation D under the Securities Act of 1933.
- Settlements involving Credit Suisse and Raymond James related to auction rate securities.
Raw Analysis JSON
click to expand
Themes
Legal matters/litigationFinancial transactions/money flowBusiness dealings
Organizations 9
SOUTHERN FINANCIAL LLCGlendower Capital Secondary Opportunities Fund IV. LPCredit SuisseCredit Suisse Securities (USA) LLC (CSSU')New York State Attorney General's OfficeNorth American Securities Administrators Association Task ForceRaymond James & Associates, Inc.Raymond James Financial Services. Inc.Raymond James
Locations 4
U.S.Puerto RicoVirgin IslandsDistrict of Columbia
Financial Entities 3
Credit Suisse Securities (USA) LLC (CSSU')Raymond James & Associates, Inc.Raymond James Financial Services. Inc.
Text Analysis
- Tone
- Informative
- Purpose
- To disclose legal matters related to Credit Suisse and Raymond James that could trigger disqualification under Rule 506(e) of Regulation D.
- Significance
- This document is significant because it discloses past legal settlements involving Credit Suisse and Raymond James related to auction rate securities, which could be relevant to potential investors in Glendower Capital Secondary Opportunities Fund IV. LP.
File Info
- File Name
- EFTA01364823.txt
- Dataset
- dataset_10
- Type
- Text
- Model
- gemini-2.0-flash-001
- Processed
- 2026-02-07T18:43:22.533349
- DOJ Source
- View on DOJ