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10 months ago
Bank Leumi to pay $1.6 mln over 'unregistered' cross-border business
October 18, 2016 / 7:01 PM / 10 months ago

Bank Leumi to pay $1.6 mln over 'unregistered' cross-border business

WASHINGTON, Oct 18 (Reuters) - Bank Leumi will pay $1.6 million and admit to wrongdoing to settle civil charges that it provided investment advice and solicited investments from U.S. customers for more than a decade without registering with federal regulators, U.S. authorities said on Tuesday.

The Securities and Exchange Commission said the Israeli bank maintained "several hundred securities accounts" and managed more than $500 million in securities for U.S. customers, even though it failed to register as required by U.S. law.

Reporting by Sarah N. Lynch

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