September 02, 2015
Taberna Capital Management, LLC, Michael Fralin, Raphael Licht
SANCTION AMOUNT: $21,675,000
Defendants: Taberna Capital Management, LLC
Michael Fralin, Raphael Licht
Settlement of allegations that Respondents, CDO managers, did not tell clients they were retaining payments known as exchange fees in connection with restructuring transactions. The CDOs' governing documents did not permit this fee retention, which created conflicts of interest and allegedly was not disclosed in company reports, and in fact was obscured by improper labeling.
- Key Docs
- Official SEC press release