SEC sanctions adviser’s mismarking [Investment Executive - News]
MACQUARIE GROUP LTD S/ADR (MQBKY)
NASDAQ:AMEX Investor Relations:
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Source: Investment Executive - News
Investment advisory firm Macquarie Investment Management Business Trust was sanctioned in a settlement with the U.S. Securities and Exchange Commission (SEC), which accused the firm of violating securities rules by overvaluing certain securities and then dumping some of the inflated securities on certain accounts, including retail mutual funds. According to the SEC’s order, the Philadelphia-based subsidiary of Australian financial giant Macquarie Group Ltd. managed a fixed-income investment strategy that held a variety of securities including certain “odd lot” collateralized mortgage obligations (CMOs) that traded at a discount to larger institutional CMO positions. The regulator charged that the firm valued the odd lot positions at the same prices as the institutional positions, although the firm had “no reasonable basis to believe it could sell the odd lot CMOs” at those prices — overstating the value of those positions. The SEC also alleged that the firm sold some of the imprope
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