MBIA will pay $75 million for trying to cover up close to $170million in losses through a fraudulent reinsurance scheme.
Under an agreement announced today, the Armonk, N.Y.-based bondinsurer will pay a $50 million penalty to the Securities andExchange Commission, $10 million to investors and $15 million inpenalties to the state of New York. The case also involves the NewYork Attorney General's office and the New York State InsuranceDepartment.
The $50 million to the SEC will be placed in a Fair Fund to bepaid to investors.
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