The former principals of Honor Finance misrepresented the quality of loans that they packaged into a $100 million securities offering, the SEC says.
The bank's former head of subprime trading allegedly misrepresented the quality of securitized loans to protect Deutsche's bottom line and his own salary.
Elevate Credit loans money "to the vast and underserved segment of 170 million non-prime consumers in the U.S. and U.K."
Citi has now sold more than 60 businesses and reduced assets in its "bad bank" Citi Holdings by more than $700 billion.
Having had enough of highly regulated, big-bank commercial lending, Suk Shah revels in his new-found flexibility as a leader.
