Credit Suisse First Boston &quotwrongfully extracted&quot tens of millions of dollars in profits from investor clients through manipulating the equity new issue market, the US Securities and Exchange Commission has found.

CSFB remained tight-lipped in the face of a stinging report and comments by the SEC. The bank would not comment on accusations by the SEC that it acted improperly in allocating shares in the new issue market, in pursuit of fatter profits.