Ex-car Czar Rattner Nears SEC Settlement over Pay-to-play Charges, Reports Say
NEW YORK - Steven Rattner, the former head of the U.S. auto task force, is close to settling with the Securities and Exchange Commission over charges he took part in a pay-to-play pension scheme, media reports said today. Both CNBC and the New York Times said a settlement with the federal regulator could be announced on Thursday, reported Reuters.
The SEC declined comment. So did the Office of the New York Attorney General, Andrew Cuomo, whose corruption investigation of the state's pension fund has produced seven guilty pleas, most recently from the former state comptroller.
The New York Times said Rattner agreed to a "multiyear" ban from the securities industry and will pay a fine of more than $5 million.
Neither a spokesman for Rattner nor his lawyer were immediately available.
Rattner, who co-founded private equity firm Quadrangle Group LLC, most recently has been promoting his book, called "Overhaul," about the auto industry.
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