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Nomura to Pay $25M Over Mortgage Bond Traders’ Lies

Tuesday, Jul 23 2019
Lending
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Nomura Securities International has agreed to pay back $25 million to clients to settle SEC allegations that the Nomura Holdings unit failed to supervise former traders who gave phony prices for mortgage bond securities. So reports Bloomberg.

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The settlement involves allegations that several traders at Nomura lied to customers about how much the traders paid for the securities and how much profit the traders would receive on the customers’ potential trades.

The traders also allegedly pretended they were still negotiating to buy securities they had already purchased. The former traders have each faced civil or criminal actions, with mixed results.

Read the full article from Bloomberg.

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