SEC Charges Former Traders With Fraudulent Trading In CMBS

The SEC charged two former traders for Nomura Securities International Inc. ("Nomura") with securities fraud. According to two SEC Complaints, James Im and Kee Chan allegedly misrepresented purchase and sale prices to customers while acting as intermediaries on trades in commercial mortgage-backed securities ("CMBS"). The former traders reportedly fabricated negotiation processes, altered internal emails, and made other material misrepresentations to customers in order to induce them to purchase or sell CMBS at prices that favored the Nomura traders and inflated profits. The traders were charged with violating Securities Act Section...