FINRA

Without admitting or denying the findings, Chen consented to the sanctions and to the entry of findings that he effected customer security transactions in shares of initial public offerings (IPOs) without first confirming the trades with customers. The findings stated that Chen had informal arrangements with customers pursuant to which he would routinely record indications of interest, accept allocations from his member firm, place shares into the customer accounts and, at times, sell the shares out of the customers' account all without first obtaining verbal confirmation from customers. Chen did not have any written authorization from these customers to effect securities transactions on their behalf and the firm had not accepted those accounts as discretionary accounts in writing.

Acceptance, Waiver & Consent(AWC)

Civil and Administrative Penalty(ies)/Fine(s)

$10,000.00

Suspension

any and all capacities

two months

12/19/2016

2/18/2017

Fine paid in full on December 7, 2020.

CREDIT SUISSE SECURITIES (USA) LLC

Permitted to Resign

ALLEGATIONS THAT THE INDIVIDUAL FAILED TO CONFIRM WITH CUSTOMERS CERTAIN SYNDICATE SHARE INDICATIONS, ALLOCATIONS AND SALES.

THE SYNDICATE SHARE POSITIONS WERE ULTIMATELY REMOVED FROM THE CLIENT ACCOUNT AND SOLD FOR A NET LOSS OF APPROXIMATELY $1,250.