April 28, 2003
Posted at: 4:03 p.m. CDT
LITTLE ROCK, Ark. -- Arkansas will receive $4 million under a settlement reached today with Wall Street firms accused of issuing biased stock ratings.
The settlement with regulators will cost the firms almost $1.5 billion. The firms allegedly hoped to attract greater investment-banking business through manipulation
Arkansas Securities Commissioner Michael Johnson says the money will go toward investor education and operations within the state's Securities Department.
The settlement was put forth after an investigation involving the Securities and Exchange Commission, New York Attorney General Eliot Spitzer and other state regulators.