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Wednesday, January 28, 2004

Fund Probe Goes International

by: Nicole Halsey

The SEC and the New York Attorney General's office are considering filing a lawsuit against the Canadian Imperial Bank of Commerce which both agencies suspect of financing investors who were involved in late trading, sources told the New York Times.

A representative said the bank is cooperating with the probe. The SEC and Spitzer's office are reportedly considering filing suits in the next few weeks. Sources also told the Times that the suits might name executives who were allegedly aware of the activity.

Regulators suspect that CIBC financed hedge funds eager to increase their mutual fund holdings primarily through the use of derviatives. They also suspect that the firm financed trades placed after the markets closed, late trading.

Last month, the bank paid the SEC $80 million over its financial dealings with Enron Corp. Accordign to the settlement, the bank's deals with Enron the company to hide debt and inflate its profit by more than $1 billion and its operating cash flow by almost $2 billion. 

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