Mixed Jury Verdict in SEC Suit, Court Finds Repo Demand Analysis Unprotected, Morgan Stanley Loses
July 15, 2016
A New Mexico jury handed the Securities and Exchange Commission a split verdict in a 2008 financial crisis-related lawsuit against two senior executives of the now-defunct Thornburg Mortgage who were accused of fraud and misrepresenting the financial condition of the company. The jury found for defendants Larry Goldstone, former Thornburg CEO, and Clarence Simmons, former chief financial officer, on half of the counts but failed to reach a verdict on the most significant charges based on fraud and lying to the company’s outside auditors. In the lawsuit, the SEC alleged...
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
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