Items Tagged with 'Securities and Exchange Commission'

ARTICLES

  • 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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  • Former Equifax executive jailed for profiting off data breach

    Jun Ying admitted to dumping stock after learning of breach
    The former chief information officer of Equifax’s U.S. business admitted in court that he dumped nearly $1 million in company stock after learning of the massive data breach at the credit reporting agency, but before the breach was disclosed to the public.
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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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  • SEC accuses Chicago house flipper of running $20 million real estate fraud scheme

    George Slowinski and Rebuilding America raised $20 million from 600+ investors
    The SEC this week accused the owner of a real estate investment company of perpetrating a $20 million real estate fraud scheme by convincing more than 600 investors to give money under the auspices of flipping houses in the Chicago area. But instead of making money on real estate, George Slowinski allegedly took some of the investors’ money for himself and his associates, made bad investments, and eventually cost his investors $17 million.
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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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