Company Website:
http://www.raitft.com
PHILADELPHIA -- (Business Wire)
RAIT Financial Trust (NYSE: RAS) (“RAIT”) today announced that the U.S.
Securities and Exchange Commission (the “SEC”) has approved a settlement
to resolve a non-public SEC investigation concerning Taberna Capital
Management, LLC (“TCM”), RAIT’s subsidiary. As previously disclosed, the
investigation focused on exchange transactions conducted by TCM between
March 2, 2009 and November 28, 2012 and on its receipt of approximately
$15 million of restructuring fees from issuers of securities held by
Taberna securitizations relating to these transactions. TCM entered into
the settlement without admitting or denying the allegations, and the
settlement resolves all violations alleged by the SEC against TCM.
Pursuant to the terms of the settlement, among other things, TCM paid
$21.5 million to the SEC. This amount is consistent with prior
disclosure and RAIT recorded an expense for this amount during the third
quarter of 2014.
Scott Schaeffer, RAIT’s Chairman and CEO said, “As previously disclosed,
this settlement with the SEC deals with the legacy Taberna business
which we exited in December 2014. The approval of the settlement by the
SEC regarding TCM resolves this investigation.”
About RAIT Financial Trust
RAIT Financial Trust is an internally-managed real estate investment
trust that provides debt financing options to owners of commercial real
estate and invests directly into commercial real estate properties
located throughout the United States. In addition, RAIT is an asset and
property manager of real estate-related assets.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150902006309/en/
Contacts:
RAIT Financial Trust
Andres Viroslav, 215-243-9000
aviroslav@rait.com
Source: RAIT Financial Trust
© 2024 Canjex Publishing Ltd. All rights reserved.