Extracting The Thorn(burg) In SEC's Side

Law360, New York (April 17, 2012, 7:14 PM EDT) -- Perhaps the U.S. Securities and Exchange Commission, at least for the time being, is finding its groove with respect to financial fraud matters. For the second time in a two-month span, the commission has brought a case for fraudulent disclosures regarding the health of a residential loan portfolio.

In January, the SEC filed suit against Florida-based BankAtlantic and its CEO, discussed here. On March 13, the SEC charged three executives of Thornburg Mortgage Inc. — once the nation’s second largest independent mortgage company after Countrywide —...
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