The $200 million civil settlement with Regions Financial Corp.’s brokerage unit this week was the sort of case that the Securities and Exchange Commission and state regulators believe should guide industry behavior…. But not all the lessons to be drawn from the case are of the sort that regulators might like. Though the more than yearlong investigation laid out extensive evidence that Morgan Keegan & Co. employees actively misled investors in a series of bond funds by hiding losses and manipulating pricing information, it also signals the limits of current enforcement.
‘Enforcement 40’ for 2020
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