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Article: Bankers Trust subsidiary agrees to pay $10 million in SEC-CFTC settlement. (BT Securities)
- Article from:
- The Bond Buyer
- Article date:
- December 27, 1994
- Author:
CopyrightCOPYRIGHT 1994 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON -- BT Securities, a subsidiary of Bankers Trust New York Corp., agreed to pay $10 million in civil penalties as part of its settlement with the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The administrative charges filed against the firm were related to its over-the-counter derivatives dealings with Gibson Greetings Inc.
The regulators alleged that BT Securities' representatives gave misleading information to Gibson, which didn't have the expertise needed to value the derivatives, about the swaps that BT Seurities sold. The agencies said Gibson relied on BT Securities for information about the value of ...