Caledonian makes ‘no fine’ secret deal with SEC

(CNS Business): A confidential circular sent to the creditors of the Caledonian Bank Limited (CBL), which was brought down following an investigation by the US Securities and Exchange Commission (SEC), has revealed that despite the probe bringing the Cayman-based bank to its knees, there will be no fines levied against the institution over the alleged penny stock scam and regulatory infractions committed by CBL or Caledonian Securities Limited (CSL).

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