Reuters: Regulatory News: US SEC charges collateral manager of CDO with fraud

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US SEC charges collateral manager of CDO with fraud Oct 18th 2013, 18:14 WASHINGTON | Fri Oct 18, 2013 2:14pm EDT WASHINGTON Oct 18 (Reuters) - U.S. regulators charged a New Jersey investment advisory firm and its owner with fraud on Friday, saying they misled investors by allowing a hedge fund to select assets backing a complex structured product without disclosing the fund's role in the process. The U.S. Securities and Exchange Commission alleged that Harding Advisory LLC and Wing F. Chau compromised their independent judgment as collateral manager for a collateralized debt obligation known as "Octans I CDO Ltd." The SEC did not charge the hedge fund, Magnetar, which the agency said was allowed to select and acquire a portfolio of subprime mortgage-backed assets to serve as collateral for the debt issued to investors in the CDO.

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