Morgan Keegan & Co. and Morgan Asset Management have agreed to pay $200 million to settle fraud charges related to subprime mortgage-backed securities. Morgan Keegan, a Memphis, Tenn.-based brokerage arm of Regions Financial Corp., as well as former portfolio manager James C. Kelsoe Jr. and comptroller Joseph Thompson Weller, were accused in an administrative proceeding last year of causing the false valuation of subprime mortgage-backed securities in five funds managed by Morgan Asset Management from January 2007 to July 2007. The Securities and Exchange Commission brought its enforcement action in coordination with the Financial Industry Regulatory Authority, or FINRA, and a task force of state regulators from Alabama, Kentucky, Mississippi, Tennessee and South Carolina.
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