Regulators Fine FBR $7.7M For PIPE Deal

Law360, New York (December 20, 2006, 12:00 AM EST) -- Investment banking and brokerage firm Friedman, Billings, Ramsey & Co. Inc. received court approval Wednesday to pay $7.7 million to the National Association of Securities Dealers and the U.S. Securities and Exchange Commission to settle charges that it engaged in an improper PIPE deal.

FBR agreed to shell out $4 million to the NASD and $3.7 million to the SEC to settle charges brought Wednesday by the SEC in the U.S. District Court for the District of Columbia. FBR also agreed to hire an independent consultant...
To view the full article, register now.