Firm tricked investors into $90 million home loan package, SEC says
Posted onAuthorJeffrey M. SandersComments Off on Firm tricked investors into $90 million home loan package, SEC says
By David Holtzman (August 10, 2022, 3:49 p.m. EDT) – Angel Oak Capital Advisors on Wednesday agreed to pay a fine from the United States Securities and Exchange Commission for misleading investors about how it reduced the delinquency rate for a $90 million loan pool.
The company made payments on delinquent mortgages using money that had been set aside to pay off borrowers who were renovating homes for resale, according to an SEC order. In monthly reports, actual default rates were underestimated, giving investors an inaccurate picture of the health of the loan pool.
The SEC fined Angel Oak $1.75 million and a portfolio manager, Ashish Negandhi, $75,000, ordering them to cease and desist from suing…
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