SEC Fines Macquarie Investment Management $80 Million to Settle CMO Charges
By Denny Jacob
The Securities and Exchange Commission said Macquarie Investment Management Business Trust will pay nearly $80 million to settle charges related to collateralized mortgage obligations.
The SEC said the investment adviser will pay $79.8 million to settle charges for overvaluing about 4,900 largely illiquid collateralized mortgage obligations held in 20 advisory accounts and for executing hundreds of cross trades between advisory clients that favored certain clients over others.
The regulator said in addition to the fine, the Macquarie Group unit agreed to comply with certain undertakings including retaining a compliance consultant to conduct a comprehensive review of its policies and procedures related to, among others, valuation of collateralized mortgage obligations and associated liquidity risks as well as cross trading.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
September 19, 2024 12:13 ET (16:13 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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