WASHINGTON (Reuters) - Bank Leumi will pay $1.6 million and admit to wrongdoing to settle civil charges that it provided investment advice and solicited investments from U.S. customers for more than a decade without registering with federal regulators, U.S. authorities said on Tuesday.
The Securities and Exchange Commission said the Israeli bank maintained "several hundred securities accounts" and managed more than $500 million in securities for U.S. customers, even though it failed to register as required by U.S. law.
(Reporting by Sarah N. Lynch)
By Sarah N. Lynch