Caledonian’s demise was SEC blunder

(CNS Business): A federal judge has said that the US Securities and Exchange Commission (SEC) got it very wrong when it issued an order earlier this year that froze more than $88 million in assets belonging to two financial institutions suspected of securities fraud that led to the collapse of Caledonian Bank in Grand Cayman. Although the SEC recently authorized a settlement with Caledonian Bank that is awaiting approval by Cayman Island authorities, it comes too late to rectify the mistakes that brought the forty-five 45-year-old bank to its knees.

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