{"id":6144,"date":"2017-05-01T14:11:22","date_gmt":"2017-05-01T19:11:22","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1554"},"modified":"2022-03-22T15:06:20","modified_gmt":"2022-03-22T20:06:20","slug":"sec-orders-barclays-pay-16-5m-alleged-rmbs-fraud-former-traders","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-orders-barclays-pay-16-5m-alleged-rmbs-fraud-former-traders\/","title":{"rendered":"SEC Orders Barclays to Pay Over $16.5M Over Alleged RMBS Fraud by Former Traders"},"content":{"rendered":"

\t\t\t\tThe US Securities and Exchange Commission said that Barclays Capital (BARC) has agreed to pay over $16.5M as part of a settlement resolving allegations accusing the company of failing to properly supervise two of its ex-mortgage bond traders. The men are accused of lying to clients, as well as overcharging some of them. According to the regulator, Barclays did not put into place or execute the proper supervisory procedures that could have stopped or detected the alleged residential mortgage-backed securities fraud.<\/p>\n

The two traders, David Wong and Yoon Seok Lee, are accused of making misleading or false statements to the firm\u2019s customers about RMBS securities, how much Barclays makes for facilitating the trades, and other pertinent information. Lee and Wong also are accused of making excessive mark-ups on certain transactions without telling customers. <\/p>\n

The SEC said that the ex-Barclays traders’ actions, which would have occurred between 6\/2009 and 12\/2012, caused Barclays to earn $15.5M in profits. <\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The US Securities and Exchange Commission said that Barclays Capital (BARC) has agreed to pay over $16.5M as part of a settlement resolving allegations accusing the company of failing to properly supervise two of its ex-mortgage bond traders. The men are accused of lying to clients, as well as overcharging some of them. According to […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3756,3757,3760,3795,3761,3741],"tags":[2641],"class_list":["post-6144","post","type-post","status-publish","format-standard","hentry","category-barclays-capital","category-mortgagebacked-securities","category-sec-enforcement","category-sec-settlements","category-securities-and-exchange-commis","category-securities-fraud","tag-rmbs-fraud"],"yoast_head":"\nSEC Orders Barclays to Pay Over $16.5M Over Alleged RMBS Fraud by Former Traders — Investor Lawyers Blog — May 1, 2017<\/title>\n<meta name=\"description\" content=\"The US Securities and Exchange Commission said that Barclays Capital (BARC) has agreed to pay over $16.5M as part of a settlement resolving allegations — May 1, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, 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