Articles Tagged with ''SEC''

Nomura to pay $25 million for mortgage bond traders' lies to customers

SEC claims Nomura traders misled bond buyers and sellers
Nomura Securities International will pay a fine of $25 million after the Securities and Exchange Commission accused several of the company’s former mortgage bond traders of lying to customers about the nature of the trades. According to the SEC, several Nomura RMBS and CMBS traders made “false and misleading statements” to customers while negotiating the sales of those bonds.
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Who is new SEC Commissioner Allison Herren Lee?

Trump taps Democrat Lee to top role at the agency for the next 3 years
Allison Herren Lee was sworn into office as commissioner of the Securities and Exchange Commission on Monday after her nomination was unanimously backed by the Senate. Here's the scoop on the new head of the nation's far-reaching securities regulator.
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Live Well Financial forced into involuntary bankruptcy

Judge grants creditors' petition to push lender into Chapter 7 liquidation
Live Well Financial has officially entered bankruptcy protection, as a Delaware judge granted a petition Monday that forces the defunct lender into Chapter 7 involuntary bankruptcy. Court documents also reveal that Ginnie Mae has begun taking steps to terminate and extinguish Live Well’s interests in various MBS pools.
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SEC, FBI reportedly investigating Live Well Financial collapse

Creditors' court documents say authorities are looking into defunct lender and its CEO
Trouble continues to brew for Live Well Financial, the forward and reverse mortgage lender that unexpectedly went bust last month, as court documents reveal that authorities are looking into the lender. According to documents filed by Live Well’s creditors, the SEC, the U.S. Attorney's Office in the Southern District of New York, and the FBI’s Bank Fraud Division have all been poking around for information on Live Well’s dealings.
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Top U.S. landlord charged with running Ponzi scheme in massive multifamily mortgage fraud probe

DOJ and SEC file multiple charges against Robert Morgan for multimillion-dollar scam
Robert Morgan, one of the largest landlords in the country, was hit with multiple charges this week by both the DOJ and the SEC for allegedly running a Ponzi-type scheme that involves shuffling around money from investors and falsifying loan documents. The charges are the culmination of a cross-agency investigation into a massive multifamily mortgage fraud scheme that raises serious questions about GSE regulations for multifamily financing.
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Fintech lender Prosper to pay $3 million fine for misleading investors

Settles SEC charges that it reported inflated returns
Prosper, a longtime player in the personal lending space, announced plans in November to enter the mortgage arena with a digital HELOC product that promised to disrupt home equity lending. But there's a chance these plans could be put on hold. The SEC announced Friday that Prosper has agreed to pay a $3 million fine to settle charges that it misled to investors by reporting inflated returns.
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SEC joins DOJ in giving up case against mortgage bond trader Jesse Litvak

SEC abandons pursuit of former Jefferies managing director
Over the summer, the Department of Justice gave up its five-year pursuit of former Jefferies managing director and mortgage-backed securities trader Jesse Litvak, ending the DOJ’s effort to jail the trader for allegedly lying to customers about mortgage bond trades. And now, the Securities and Exchange Commission has done the same thing.
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SEC: Former construction company CEO lied about post-Katrina business to raise stock price

Former CEO of Home Solutions of America fined and sanctioned
The former CEO and chief financial officer of a disaster restoration and construction business conspired with other company executives to lie about the company’s business in the wake of Hurricane Katrina to drive up the company’s stock price, the Securities and Exchange Commission said Tuesday.
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WSJ: California becomes first state to mandate gender-balanced boards

Gov. Jerry Brown signed the bill into law on Sunday, legal fights ahead for the ambitious diversity bid
Over the weekend, California became the first state to mandate that publicly held companies based in the state have at least two to three women on their boards of directors. The new law mandates that all publicly traded companies with headquarters in the state to have at least one woman on their boards by the end of next year and that by 2021, companies with at least five board directors will have to include two or three women or face financial penalties.
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