Violation Tracker Individual Record

Company: 
HSBC Bank USA, N.A.
Current Parent Company: 
HSBC
Penalty: 
$10,500,000
Year: 
2007
Date: 
September 19, 2007
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

HSBC Bank USA, N.A. agreed to pay a $10 million civil penalty and approximately $500,000 in disgorgement to settle allegations that it improperly allowed its name and logo to be used in connection with a Florida-based offering fraud by Pension Fund of America, L.C. that was directed primarily at Central and South American investors.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Securities and Exchange Commission
Civil or Criminal Case: 
civil
HQ Country of Parent: 
United Kingdom
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.