Violation Tracker Individual Record

Company: 
MBIA, Inc.
Current Parent Company: 
MBIA
Penalty: 
$25,000,000
Year: 
2007
Date: 
January 29, 2007
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
accounting fraud or deficiencies
Violation Description: 

MBIA agreed to pay $15 million in penalties and disgorge $10 million to investors to settle allegations of securities and accounting fraud stemming from an allegedly fraudulent $170 million transaction which MBIA engineered in 1998 to conceal the first major loss in its corporate history.

Level of Government: 
state
Action Type: 
agency action
Agency: 
New York Attorney General
Civil or Criminal Case: 
civil
Facility State: 
New York
HQ Country of Parent: 
USA
HQ State of Parent: 
New York
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
financial services
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.