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This case resolved charges brought by the SEC for multiple violations of the antifraud and recordkeeping provisions of the federal
securities laws. The violations stemmed from false bids submitted by trading desk employees in connection with auctions of GSE-issued bonds and sales of corporate medium term notes. This investigation spawned, among other things, related investigations in which the SEC issued cease-and-desist orders against 61 investment banks, primary dealers and others, engaged in similar conduct.