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Macquarie Group's investment adviser has agreed to pay nearly $80 million to settle charges with the SEC for overvaluing collateralized mortgage obligations (CMOs) in advisory accounts. The SEC alleged that the Macquarie unit, part of the Australian financial services company, inflated the value of thousands of illiquid investments and overstated the performance of client accounts. Additionally, the firm executed cross-trades that favored certain clients over others. The settlement addresses the misvaluation of approximately 4,900 CMOs and largely illiquid mortgage-backed securities.
A Macquarie unit has agreed to pay $79.8 million to settle SEC charges. The regulator said it overvalued about 4,900 collateralized mortgage obligations held in advisory accounts and also executed cross trades that favored certain clients over others https://t.co/8uREBJDWXc https://t.co/nRNnUTPoco
A subsidiary of Australian financial services company Macquarie agreed to pay the SEC nearly $80 million to settle charges it overvalued largely illiquid mortgage-backed securities and carried out cross-trades that favored certain clients over others. https://t.co/TOubaMZ5oc
💼 Macquarie Group agrees to pay $79.8M to settle SEC charges over the misvaluation of collateralized mortgage obligations in client accounts. . . . #FinanceNews #SEC #MacquarieGroup #CMO #InvestmentManagement #AssetManagement #FixedIncome Read👇 https://t.co/JMbP0hLoQY
