US:Ford Credit settles with SEC for $764,000 - Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars
LinkBack Thread Tools Display Modes
post #1 of 1 (permalink) Old 06-14-05, 01:35 PM Thread Starter
Registered User
Stacy94PGT's Avatar
Join Date: Feb 2001
Location: The Hills of North Georgia,USA
Posts: 7,859
US:Ford Credit settles with SEC for $764,000

Ford Credit settles with SEC for $764,000

By Harry Stoffer
Automotive News

WASHINGTON -- Ford Motor Credit Co. will pay more than $700,000 to settle federal charges that it misled investors in marketing its Ford Money Market Account, the U.S. Securities and Exchange Commission said Tuesday.

The SEC said account customers purchase unsecured debt of Ford Credit. The account is not a bank account or money market mutual fund and is not insured by the federal government against loss, the commission said.

Ford Credit, which is wholly owned by Ford Motor Co., did not admit wrongdoing. But it agreed to change the name of the account and to improve disclosure to investors.

The company will return $700,000 in so-called ill-gotten gains and pay more than $64,000 in interest, the SEC said.

The payment represents the money Ford Credit saved in not making proper disclosures, rather than any improperly earned profit, said John Reed Stark, chief of the SEC's Office of Internet Enforcement.

Such "disgorgement" normally is repaid to investors. But Stark said it would be impractical to track down 115,000 or more investors in the Ford Money Market Account. The money likely will go to the U.S. Treasury.

The SEC says it is investigating other companies' offerings of corporate money market debt, estimated to total about $28 billion.

My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.

My next Ford.....
Stacy94PGT is offline  
Sponsored Links

  Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Fordforums Community > Latest Ford News and Racing News > Ford Worldwide News
Gear in this thread - Powered by O'Reilly Auto Parts

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode

Posting Rules  
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

For the best viewing experience please update your browser to Google Chrome