Credit Suisse has been issued a massive fine by the US Financial Industry Regulatory Authority (FINRA).

Several major exchanges have joined FINRA in taking action against Credit Suisse over alleged supervisory violations. Securities industry regulators have found Credit Suisse did not establish an adequate regulatory system to handle trading violations. They accuse the securities company of not keeping track of potential cases of layering and spoofing between 2010 and 2014. The lack of regulatory oversight would have affected violations on the New York Stock Exchange, Nasdaq, and other exchanges. As such, the exchanges and FINRA fined Credit Suisse for not complying with several provisions in the Securities and Exchange Act, 1934.

Credit Suisse offered its clients access to several markets and oversaw the execution of over 300 billion shares from 2010 to 2014. During those four years, the trading activities of their clients triggered over 50,000 individual alerts. The alerts were for signs of wash sales, layering, spoofing, and other forms of market manipulation. At one point, just three of Credit Suisse’s clients were responsible for 20% of the company’s orders.

As a result of negligence, it is possible that billions of shares entered the American markets without having gone through any meaningful checks. To make matters worse, Credit Suisse had an internal audit that revealed the shortcomings in its oversight, which went ignored. Credit Suisse was also fined in part due to violations of the Market Access Rule. Credit Suisse, for its part, has neither accepted nor denied the claims. The company has agreed to a censure, however.