Credit Suisse AG will pay a $90 million penalty and admit wrongdoing to settle charges that it misrepresented how it determined a key performance metric of its wealth management business.

Rolf Bögli, a former Credit Suisse executive, will pay $80,000 to settle charges that he was a cause of Credit Suisse’s violations.

Credit Suisse was represented by Peter Bresnan of Simpson Thacher & Bartlett in Washington, D.C.

Bogli was represented by Kenneth Breen of Paul Hastings in New York.

An SEC investigation found that Credit Suisse veered from its publicly disclosed methodology for determining net new assets, a metric valued by investors in financial institutions to measure success in attracting new business.  Disclosures stated that Credit Suisse was individually assessing assets based on each client’s intentions and objectives.

But Credit Suisse at times instead took an undisclosed results-driven approach to determining net new assets in order to meet certain targets established by senior management.

Bögli, who served as chief operating officer of the firm’s private banking division, pressured employees to classify certain high net worth and ultra-high net worth client assets as net new assets despite concerns raised by employees most knowledgeable about a particular client’s intent.

“Credit Suisse conveyed to the investing community that it followed a structured process for recognizing net new assets when, in fact, the process was reverse-engineered to meet targets,” said SEC enforcement chief Andrew J. Ceresney. “Credit Suisse’s failure to disclose this results-driven approach deprived investors of the opportunity to fairly judge the firm’s success in attracting new money.”