Celesq® Upcoming Webcasts

Date Published: 08/15/2017

Trading in Opaque Markets: False Statements, Materiality and Securities Fraud

The Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have brought four cases charging six traders from two major firms with fraud. The actions are all similar, claiming that the traders made multiple misrepresentations when dealing with counterparties in either the residential mortgage-backed securities (RMBS) or commercial mortgage backed securities (CMBS) markets. The misrepresentations are detailed in electronic communications. Two criminal cases have, however, ended largely in acquittals. Yet the government continues. In this program, Tom Gorman critically examines these cases, distilling important lessons for trading houses and their compliance professionals while pointing to a likely area of future focus for the SEC inspection program.

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