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Mizuho Financial Group Inc In $127.5 Million Deal To Settle SEC Case-Reuters


Wednesday, 18 Jul 2012 06:39pm EDT 

Reuters reported that Mizuho Financial Group Inc settled civil charges its U.S. unit obtained false credit ratings on a 2007 mortgage bond deal stuffed with subprime assets, in the latest case to come out of the financial crisis. The U.S. Securities and Exchange Commission's lawsuit charged Mizuho Securities USA Inc of using dummy assets in a complex product better known as a CDO in order to obtain rosier ratings from agencies including McGraw Hill's Standard & Poor's. The SEC also charged three Mizuho employees who structured the deal with misleading the rating agencies. The regulators also charged Delaware Asset Advisers, which acted as collateral manager for the deal as well as another person who served as DAA's portfolio manager. Everyone agreed to settle without admitting or denying the charges. The SEC's settlement with Mizuho calls for a $115 million civil penalty, the disgorgement of $10 million of fees, and the payment of $2.5 million of interest. Mizuho did not admit or deny the SEC charges in agreeing to settle. The settlement with Mizuho still requires court approval, and has been assigned to U.S. District Judge Ronnie Abrams in Manhattan. Rekeda and Capdepon will each pay $125,000. A penalty will be decided at a later date for Snorteland. DAA agreed to settle and pay about $4.8 million in disgorgement, penalties and interest. Wei will pay $50,000. He is also suspended from associating with an investment advisory firm for six months.