Portugal's Banco Espirito Santo was charged and fined nearly $7 million by the U.S. Securities and Exchange Commission for violations of the broker-dealer and investment adviser registration and the securities transaction registration rules.
The Lisbon bank allegedly offered brokerage services and investment advice between 2004 and 2009 to approximately 3,800 U.S.-resident customers and clients who were primarily Portuguese immigrants without registering as a broker-dealer or an investment-adviser.
None of these securities transactions was registered and many of the securities offerings did not qualify for an exemption from registration, the SEC added.
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