Macquarie unit to pay $15 mln to settle U.S. SEC charges
27/03/2015 14:33
March 27 (Reuters) - A unit of Australia's Macquarie Group
Ltd MQG.AX will pay $15 million to settle U.S. Securities and
Exchange Commission charges that it underwrote a stock offering
for China-based Puda Coal Inc PUDA.PK despite having a report
that showed the offering materials contained false information.
The settlement with Macquarie Capital (USA) Inc also calls
for that New York-based brokerage to cover the costs of setting
up a fair fund to compensate Puda investors who lost money.
Two former Macquarie Capital employees, managing director
Aaron Black and investment banker William Fang, were separately
charged with failing to exercise appropriate care. They agreed
to pay a respective $212,711 and $35,000 to settle, and to bans
within the securities industry.
None of the defendants admitted or denied wrongdoing.
(Reporting by Jonathan Stempel in New York; Editing by Chizu
Nomiyama)
((jon.stempel@thomsonreuters.com;)(646)(223-6317; Reuters
Messaging: jon.stempel.thomsonreuters.com@reuters.net))
Keywords: SEC MACQUARIE/CHARGES