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Regulatory Sanctions

Ex-Nomura Head Traders Charged by SEC

May 15, 2017

The SEC charged James Im and Kee Chan - former head traders for the commercial mortgage-backed securities (CMBS) desk at New York-based Nomura Securities International with deliberately lying to customers in order to inflate the profits of the CMBS desk and line their own pockets as a result.


Kee Chan agreed to pay $214K in disgorgement, interest and fines to settle the charges, while the case against James Im continues.


According to the SEC compliant, … Im and Chan each misrepresented price information while acting as intermediaries on trades with Nomura’s customers who sought to buy and sell CMBS on the secondary market.  In certain instances, both pretended to be still negotiating bond purchases with a 3rd-party seller at higher prices when Nomura had already acquired the bonds at a lower price. All told, the pair fraudulently generated more than $750,000 in extra trading profits for the CMBS desk, and they received substantial bonuses based largely on the desk’s performance.


The SEC investigation continues.