Latest Banking Fraud: Credit Suisse Must Pay $90 Million, Admit Wrongdoing In SEC Settlement

As a result, the SEC hit the Swiss bank with a $90 million penalty. A former executive has come forward and admitted he was the cause of the violation. The investigation uncovered that Credit Suisse was misrepresenting its net new assets, a metric used by investors in financial institutions to measure how well it is attracting new business.

Credit Suisse was individually valuing assets based on each client's intentions and objectives, but at times, the bank took an "undisclosed results-driven approach to determining NNA in order to meet certain targets established by senior management," according to an SEC press release.

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"Credit Suisse conveyed to the investing community that it followed a structured process for recognizing net new assets when, in fact, the process was reverse-engineered to meet targets," said Andrew J. Ceresney, director of the SEC's enforcement division. "Credit Suisse's failure to disclose this results-driven approach deprived investors of the opportunity to fairly judge the firm's success in attracting new money."

With all the news coming out about the shady business practices big banks are utilizing, this latest charge will likely cause little change in the public's sentiment regarding the current state of the banking industry.

At last check, ADRs of Credit Suisse were up 1.57 percent at $13.60.

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