Credit Suisse AG agreed to settle charges brought by the Securities and Exchange Commission that, from at least October 2011 through December 2012, it inflated its reporting of new assets under management by the wealth management business within its private bank division utilizing a methodology that was contrary to its public disclosures. According to the SEC, Credit Suisse used a subjective methodology to inflate AUM while its public filings suggested it would use a methodology based on an assessment of “each client’s intentions and objectives and the banking services provided to the client.” The SEC said that disclosure of new assets under management was an “important disclosure for investors in financial institutions like Credit Suisse.” To resolve this matter Credit Suisse admitted the adverse facts cited by the SEC in its Order instituting its enforcement action, acknowledged its violations of certain enumerated securities laws, and agreed to pay a fine of US $90 million. In accepting its offer of settlement, the SEC acknowledged Credit Suisse’s cooperation and corrective measures. Separately, Rolf Bogli, chief operating officer of Credit Suisse’s private banking division at all relevant times to the SEC’s enforcement action, was charged with pressuring other bank employees to classify certain client assets in a way to inflate its AUM “despite concerns raised by others.” Mr. Bogli agreed to pay a fine of US $80,000 to resolve the SEC’s charges.