Macquarie will pay almost $US80 million ($117 million) to settle claims that the asset management giant inflated the value of thousands of illiquid investments, overstated their performance and favoured certain clients over others.
The Securities and Exchange Commission in the United States accused the company’s Macquarie Investment Management Business Trust of inflating the value of about 4900 mortgage-backed securities between 2017 and 2021, and said the company had “no reasonable basis” that it could ever sell at those valuations.
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Jemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years. Email Jemima at jemima.whyte@afr.com
