Morgan Keegan paying $200M to settle fraud charges - Yahoo! Finance: "Morgan Keegan & Co. is paying $200 million to settle civil fraud charges that it overstated the value of mortgage investments just as the housing market was collapsing and lured buyers of its funds with false sales materials.
Federal and state regulators said the Memphis-based investment firm failed to use 'reasonable' procedures to calculate the value of the mortgage investments in the funds. Half of the money will go toward compensating investors in five states.
The Securities and Exchange Commission, regulators in the five states and securities industry regulators announced the settlement Wednesday. Two former employees of the firm also agreed to pay civil penalties."
Wednesday, June 22, 2011
Small Cost of doing business
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment