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Citigroup To Pay $285 Million to Settle SEC Charges For Misleading Investors About CDO Company

The Securities and Exchange Commission (SEC) today charged Citigroup Global Markets Inc. (Citigroup), the principal U.S. broker-dealer subsidiary of Citigroup Inc., with misleading investors about a $1 billion collateralized debt obligation (CDO) called Class V Funding III (Class V III). At a time when the U.S. housing market was showing signs of distress, Citigroup structured […]

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Madoff Clients To Start Receiving Money

Some of the investors swindled by Wall Street swindler Bernard Madoff will soon be receiving some money back. The trustee charged with recovering funds for customers of the jailed financier announced that $312 million will be distributed this week on claims relating to 1,230 accounts. Trustee Irving Picard has recovered about $8.7 billion from investors […]

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SEC to Brokerage Firms: You Need to Supervise Subaccounts

The Securities and Exchange Commission is warning broker-dealers it will scrutinize the procedures they use to ensure they don’t run afoul of the new market access rule when dealing in subaccounts used by disreputable day traders. In a communique made on Sept. 29 entitled “National Exam Risk Alert,” the SEC’s Office of Compliance Inspections and Examinations says […]

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SEC Charges NY Hedge Fund Manager

The Securities and Exchange Commission accused New York hedge-fund manager Corey Ribotsky and his firm of hiding losses and spending investors’ money on luxuries such as cars and a Rolex watch. Mr. Ribotsky’s firm, NIR Group LLC, invested through so-called PIPE transactions, or private investment in public equity, which often involve deals with small companies […]

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SEC Finds Failures at Credit Rating Firms

Securities and Exchange Commission staff found “apparent failures” at each of the 10 credit rating agencies they examined, including Standard & Poor’s, Moody’s, and Fitch, the agency said on Friday in its first annual report on credit raters. The SEC sent letters outlining the staff’s concerns to each of the ratings firms and demanded a […]

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