Ex-Wachovia VP To Pay Fine In Manipulation Deal

Law360, New York (July 29, 2009, 1:23 PM EDT) -- A former Wachovia Capital Markets LLC vice president will pay a $15,000 fine to the U.S. Securities and Exchange Commission, settling claims of manipulating payment assumptions to mask shortfalls in a special investment vehicle linked to the leasing of commercial airplanes.

According to a cease-and-desist order the SEC filed Monday, Chandrashekhar Gopinathan, a member of Wachovia's commercial aviation team in the company's structured asset finance group, attempted to hide early withdrawals from the liquidity reserves of a $1.67 billion 2005 private securities offering by Bombardier Inc....
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