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Stock Market & Financial Investment News

News Breaks
March 13, 2014
06:21 EDTLUKJefferies in $25M settlement with SEC
The Securities and Exchange Commission yesterday charged global investment bank and brokerage firm Jefferies LLC with failing to supervise employees on its mortgage-backed securities desk who were lying to customers about pricing. An SEC investigation found that Jefferies representatives including Jesse Litvak, who the SEC charged with securities fraud last year, lied to customers about the prices that the firm paid for certain mortgage-backed securities, thus misleading them about the true amount of profits being earned by the firm in its trading. Jefferies’ policy required supervisors to review the electronic communications of traders and salespeople in order to flag any untrue or misleading information provided customers. However, the policy was not implemented in a way to detect misrepresentations about price. Jefferies agreed to pay $25M to settle the SEC’s charges as well as a parallel action announced by the U.S. Attorney's Office for the District of Connecticut. In a related criminal trial, Litvak was convicted last week of multiple counts of securities fraud and other charges.
News For LUK From The Last 14 Days
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November 26, 2014
09:22 EDTLUKLeucadia raises stake in Harbinger Group to 23.2%
Leucadia (LUK) disclosed in a filing that on November 25 the company entered into a Stock Purchase Agreement with Harbinger Capital Partners and Harbinger Capital Partners II pursuant to which Leucadia will purchase from the sellers or investment funds managed by the sellers an aggregate of 5M shares of Harbinger Group (HRG) common stock at a price of $12.90 per share, excluding a 7.5c per share commission to be received by Leucadia’s brokerage subsidiary.
November 25, 2014
15:39 EDTLUKLeucadia stake in Harbinger up to 22%, Bloomberg says
Harbinger Group's (HRG) largest shareholder Leucadia (LUK), has increased its stake in the firm by an additional 5M shares, says Bloomberg, citing a person with knowledge of the matter. The most recent share purchase increases Leucadia's stake in Harbinger Group to approximately 22%, added Bloomberg. Reference Link

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