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The regulator is cracking down on two firms that allegedly engaged in fee schemes to the detriment of investors and clients.
The SEC announced that an investment advisory firm in Philadelphia, Taberna Capital Management, a subsidiary of RAIT Financial Trust, has agreed to pay more than $21 million to settle charges that it fraudulently retained fees belonging to collateralized debt obligation (CDO) clients, SEC officials say. The firm is also forbidden from doing business for three...
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