Taylor Bean, AstraZeneca, Blackstone, Rambus in Court News
JPMorgan Chase & Co. (JPM) agreed to pay $153.6 million to settle U.S. regulatory claims it misled pension funds and a Lutheran group while selling a product linked to risky mortgages as the housing market unraveled.
The company, the only major Wall Street bank to remain profitable throughout the financial crisis, didn’t tell investors that hedge fund Magnetar Capital LLC helped pick assets linked to a synthetic collateralized debt obligation in 2007, the Securities and Exchange Commission wrote in a fraud case filed yesterday at Manhattan federal court. Magnetar, betting housing prices would fall, stood to profit if assets defaulted.
“JPMorgan marketed highly complex CDO investments to investors with promises that the mortgage assets underlying the CDO would be selected by an independent manager looking out for investor interests,” the SEC’s enforcement chief, Robert Khuzami , said in a statement. “With today’s settlement, harmed investors receive a full return of the losses they suffered.”
Magnetar didn’t control the asset-selection process and its bets were part of a “market neutral” portfolio, Steve Lipin, a spokesman for the hedge fund, said yesterday in an e-mail.
“Magnetar is not a party to the settlement nor a defendant in this case, and was not involved in the marketing of the securities,” Lipin said. “The SEC staff issued a closing letter to Magnetar stating that it does ‘not intend to recommend any enforcement action’ against Magnetar, any of its funds or any current or former Magnetar personnel.”
JPMorgan said yesterday in a statement that the bank booked $900 million in losses on the CDO and, after an internal review, voluntarily made $56 million in payments to investors of a separate CDO called Tahoma I.
“The SEC has not charged the firm with intentional or reckless misconduct,” JPMorgan said in the statement.
Asked why JPMorgan executives weren’t sued, Khuzami said, “We look hard and long at the conduct of individuals and make our decisions based on the evidence.”
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Ex- Taylor Bean CEO Gets 40-Month Sentence for Fraud Scheme
Paul Allen, the former chief executive officer of Taylor, Bean & Whitaker Mortgage Corp., was sentenced to 3 1/2 years in prison in federal court in Virginia for his role in a $3 billion fraud scheme.
Allen, 55, yesterday became the sixth person sent to prison by U.S. District Judge Leonie Brinkema for participating in a fraud that duped some of the largest U.S. financial institutions. The scheme also targeted the federal bank bailout program and contributed to the failure of Montgomery, Alabama- based Colonial Bank and its parent, Colonial BancGroup Inc.
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Paul Allen, the former chief executive officer of Taylor, Bean & Whitaker Mortgage Corp., was sentenced to 3 1/2 years in prison in federal court in Virginia for his role in a $3 billion fraud scheme. Allen, 55, yesterday became the sixth person sent
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