Investing guide

The Securities and Exchange Commission today announced settled enforcement actions against two California companies for their failure to disclose a fee agreement that created a risk to investors that interest on $650 million of municipal bonds might lose its tax-exempt status. The charges against CDR Financial Products, Inc. (formerly known as Chambers, Dunhill, Rubin & Co.) and Anchor National Life Insurance Company, (now doing business under the name of AIG SunAmerica Life Assurance Company) relate to three municipal bond offerings in Florida.

When fiscal year 2008 starts on Oct. 1, 2007, the Securities and Exchange Commission expects to be operating under a continuing resolution that will extend through Nov. 16, 2007. During this period, fees paid under Section 6(b) of the Securities Act of 1933 and Sections 13(e), 14(g) and 31 of the Securities Exchange Act of 1934 will remain at their current rates.

The Securities and Exchange Commission today filed fraud charges against an Arcadia, Calif., investment adviser who misappropriated millions of dollars from investors to whom he had promised huge returns through “no risk” options trading.

The Securities and Exchange Commission today charged the Federal Home Loan Mortgage Corporation (Freddie Mac) with securities fraud in connection with improper earnings management beginning as early as 1998 and lasting into 2002. To settle the SEC’s charges, Freddie Mac agreed to pay a $50 million penalty, which is expected to be distributed to injured investors through a Fair Fund.