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Re: I Wonder Who Actually Gets This Money

By: killthecat in FFFT | Recommend this post (0)
Thu, 15 Aug 13 7:48 AM | 44 view(s)
Boardmark this board | Food For Further Thought 		Msg. 55193 of 65535
(This msg. is a reply to 54896 by killthecat)
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JACKSON, Miss. — The U.S. Securities and Exchange Commission has failed to distribute $100 million to 39,000 investors nationwide who lost money because of fraud by a financial firm, a Mississippi official said Wednesday.

Mississippi Secretary of State Delbert Hosemann said Wednesday that the federal agency has ignored repeated inquiries about the money. The Republican said that he, the Democratic state attorney general and all four of Mississippi's U.S. House members — three Republicans and a Democrat — have asked about it.

Morgan Keegan & Co. and Morgan Asset Management, both based in Memphis, Tenn., agreed in June 2011 to pay $200 million to settle civil fraud charges that it overstated the value of mortgage investments in 2007, as the housing market was collapsing.

Under the settlement, half the money was to be distributed to the victims by the 50 states and the other half by the SEC. Hosemann said all 50 states distributed $100 million to victims in 2012, but the other $100 million remains in a fund at the federal agency.




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The above is a reply to the following message:
I Wonder Who Actually Gets This Money
By: killthecat in FFFT
Wed, 07 Aug 13 12:22 AM 		Msg. 54896 of 65535

Other Scumbags or Innocent Investors. We never hear about the distribution of these monies.

WASHINGTON — Switzerland's biggest bank, UBS, has agreed to pay about $50 million to settle federal civil charges of misleading investors in its sale of risky mortgage bonds ahead of the 2008 financial crisis.

When the Securities and Exchange Commission (SEC) enforces a civil action against a corporation or an individual found guilty of violating SEC regulations, there's a good chance that some sort of fine will be imposed. The money from these fines goes back to investors who have been victims of securities law violations.

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