Last year, Credit Suisse AG plead guilty to charges that it aided and assisted U.S. taxpayers in filing false income tax returns and other documents with the Internal Revenue Service (IRS).
It turns out that the Department of Labor has a “bad actor” rule that automatically disqualifies institutions from claiming the status of qualified professional asset manager (QPAM) — those who advise pension funds and other investment funds.
But as turns out, automatic disqualification in this area is not automatic disqualification.