September 02, 2015

Taberna Capital Management, LLC, Michael Fralin, Raphael Licht

Financial Fraud

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.

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