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Browse: Home / 2012 / July / 19 / Mizuho to Pay $127.5 Million to End Crisis-Era Case

Mizuho to Pay $127.5 Million to End Crisis-Era Case

By Securities Docket on July 19, 2012, 11:52 am

U.S. securities regulators filed their first enforcement action tied to rosy credit ratings bestowed on thousands of mortgage-backed investments before the financial crisis erupted, accusing Mizuho Financial Group Inc. of rigging a 2007 bond deal. The Japanese bank allegedly used “dummy” assets to make sure it got a triple-A rating from Standard & Poor’s Ratings Services on a $1.6 billion deal called Delphinus CDO 2007-1….

The Delphinus action came a day before the five-year anniversary of the deal’s completion. As The Wall Street Journal reported this month, SEC officials are racing against the five-year statute of limitations on many federal securities laws as they pursue wrongdoing related to the financial crisis.

via Mizuho to Pay $127.5 Million to End Crisis-Era Case – WSJ.com

Posted in SEC, Top | Tagged Financial Crisis, Mortgage-Backed Securities, Statute of Limitations

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