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Strategies & Market Trends : Dividend investing for retirement
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To: Elroy who wrote (24149)2/8/2016 11:59:43 AM
From: E_K_S1 Recommendation

Recommended By
geoffrey Wren

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SEC may be looking into Prospect Capital's CLO marks, Wells Fargo says

A notable asset-backed publication has reported that an ongoing SEC investigation of Prospect Capital ( PSEC -5.1%) may be underway, although the report has not yet been confirmed, according to Wells Fargo analyst Jonathan Bock, who maintains an Underperform rating on the stock.

Bock says the potential SEC inquiry involves whether PSEC and the company that values its CLOs had "conspired with Prospect to set improper marks for its CLO investments.”

The article says that "another question ties to whether or not PSEC rebuffed advances from other valuation firms to value the CLO portfolio out of fear this would lead to CLO markdowns of 20% or greater," Bock writes.

The article also says PSEC’s auditor could be under scrutiny, according to Bock.
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