Tag Archives: SEC

After serving as chairman of the Securities and Exchange Commission (SEC) for nearly four years, Mary L. Schapiro announced Monday she will step down on December 14. Schapiro was appointed as chairman by President Obama in January 2009 and was sworn in by the end of the month after receiving unanimous confirmation from the Senate.

JPMorgan Securities LLC and Credit Suisse Securities (USA) paid a combined $416.9 million to settle charges of misleading investors in the sale of residential mortgage-backed securities (RMBS), the Securities and Exchange Commission (SEC) announced. According to the SEC's complaint against JPMorgan, the bank misstated information about the delinquency status of mortgages that provided collateral for an RMBS offering it underwrote. JPMorgan received fees of more than $2.7 million, and investors sustained losses of at least $37 million on undisclosed delinquent loans, the SEC says.

In a regulatory filing released Thursday, JPMorgan Chase revealed it has reached a settlement with the Securities and Exchange Commission (SEC) to resolve claims against itself and Bear Stearns, which it acquired in 2008. According to the filing, JPMorgan ""has reached an agreement in principle with the staff of the SEC to resolve"" claims under investigation by the regulatory agency. The agreement is subject to SEC and court approval.

The Securities and Exchange Commission (SEC) reached a settlement with the former CEO of IndyMac Bancorp, Michael W. Perry, on September 28.

The Securities and Exchange Commission (SEC) charged three former executives of TierOne Bank in Nebraska for their roles in a scheme that involved understating millions of dollars in losses, the agency announced Tuesday in a release.

The Securities and Exchange Commission (SEC) froze the assets of a San Diego-based firm and its owner over accusations of real estate fraud.

The Securities and Exchange Commission (SEC) filed a civil injunctive action against Ivan Wade Brown and two of his companies - Highland Residential, LLC and Avanti Capital Partners, LLC - the agency announced in a release Tuesday. The SEC alleges in a complaint that Brown solicited over 93 investors via mail, email, and phone and managed to raise over $27 million through the fraudulent and unregistered sale of promissory notes in Highland and Avanti.

SEC announced Tuesday that it has charged Wells Fargo's brokerage firm and former VP Shawn McMurtry for selling investments tied to mortgage-backed securities without fully understanding them or disclosing the risks involved. SEC said the firm's representatives did not understand the true nature, risks, and volatility behind such products and recommended them to investors with ""conservative investment objectives.""

A former Fannie Mae executive now finds himself facing charges from the SEC of misleading investors about the GSE's loans. According to a complaint filed in the United States District Court for the Southern District of New York, ex-CEO Dan Mudd, along with two other defendants, allegedly misled investors into thinking the company had far less exposure risky loans than it actually had. SEC accuses Mudd, Enrico Dallavecchia, and Thomas Lund of creating ""materially false and misleading statements regarding Fannie Mae's exposure to subprime and Alt-A loans"" between 2006 and 2008.

The SEC announced Wednesday that the U.S. investment banking subsidiary of Mizuho Financial Group agreed to pay $127.5 million to settle charges of misleading investors. The accused are charged with using dummy assets to inflate credit ratings in order to execute a collateralized debt obligation (CDO) deal. The SEC also charged the firm that served as the deal's collateral manager and the portfolio manager.