Another Settlement Over County Bankruptcy
A former Rauscher Pierce Refsnes Inc. investment banker has settled allegations over his role in the firm’s alleged failure to disclose the risks of investments related to Orange County’s 1994 bankruptcy, U.S. regulators said Wednesday.
Kenneth Ough of Post Falls, Idaho, settled the charges by agreeing not to violate applicable provisions of securities law. He paid no monetary fine or penalty, the Securities and Exchange Commission said. He did not admit or deny guilt.
The settlement comes more than two months after the firm, which is now RBC Dain Rauscher, agreed to pay $500,000 to settle SEC allegations that it did not tell investors that $680 million raised from six other municipalities in 1993 and 1994 would go into the faltering Orange County investment pool.
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