Standard & Poor’s Ratings Services on Wednesday agreed to pay $77 million to settle fraud charges by the U.S. Securities and Exchange Commission and state regulators that it misled investors by issuing inflated ratings.
In a first for the SEC, the penalty also requires S&P to take a one year “timeout” from rating certain commercial mortgage-backed securities—punishment that Enforcement Division director Andrew Ceresney called “creative relief that hits wrongdoers directly where it hurts.”
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