At the time, investment banks that handled IPOs were inundated with requests from investors to get access to shares before they began trading. Once the stock debuted on the market, and started to soar, investors would then quickly sell the shares for a steep profit, a process known as "flipping." The SEC claimed Credit Suisse took advantage of the sizzling demand for pre-IPO shares by charging customers outsized brokerage commissions -- in some cases more than 30 times the regular price -- to sell the shares. Credit Suisse said it agreed to the settlement without admitting or denying any of the allegations made by the SEC. The bank said it has also adopted revised policies and procedures for allocating IPOs that have been reviewed by regulators and has taken disciplinary action, including fines and suspensions without pay, against several employees. In June, the bank also fired three employees based in San Francisco who were involved in its IPO business.