SEC charges New Century executives in subprime fraud clampdown

The Securities and Exchange Commission (SEC) has charged three former executives at subprime lender New Century with securities fraud – including the mortgage firm’s founder Brad Morrice. The US regulator said it is “devoting significant resources” to rooting out fraud within the subprime industry – the collapse of which brought about the liquidity crisis.
New Century – closed down since August 2008 – once branded itself “A new shade of blue chip”. The SEC complaint, filed on December 7

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Investment banks: the future of risk control

This survey report explores the current state of risk controls in investment banks, the challenges of effective engagement across the three lines of defence, and the opportunity to develop a more dynamic approach to first-line risk control

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