Medallion Financial sinks to one-year low after SEC charges co with fraud

Medallion Financial

29/12/2021 15:42

** Shares of taxi medallion lender Medallion Financial Corp
 MFIN.O  plummet as much as 59% to $3.50
    ** Stock hits lowest level in over a year; biggest pct loser
on Nasdaq
    ** U.S. Securities and Exchange Commission charges co with
fraud, says MFIN sought to fraudulently inflate stock price
 urn:newsml:reuters.com:*:nL1N2TE0MY
    ** Complaint alleges MFIN and its COO Andrew Murstein paid a
media strategist to place positive stories about co and create
fake identities to make opinion pieces appear credible
    ** MFIN says it intends to defend against "unfounded" fraud
charges  urn:newsml:reuters.com:*:nL1N2TE0TA
    ** MFIN, based in New York, engages in consumer lending,
commercial lending and taxi medallion lending
    ** As of last close, shares were up 72% YTD

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))