Bank Settles Bond Sales Charges
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•BMO agrees to pay US$40 million to settle SEC charges on supervision failure
66% Informative
U.S. Securities and Exchange Commission says BMO has agreed to pay more than US$40 million to settle charges related to the bank’s alleged supervision failure in bond selling.
Regulator says the apparent issue allowed employees in the BMO Capital Markets division to allegedly sell mortgage-backed bonds using misleading metrics.
BMO spokesman says the bank holds itself to the highest standards of fair and ethical conduct.
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