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SEC Sees Mortgage Mess In Puerto Rico

MANHATTAN (CN) - R&G Financial Corp. fraudulently inflated its net income by $180 million by improperly accounting for billions of dollars in mortgage-related transactions from 2002 to 2004, the SEC claims in Federal Court. Shares of R&G, a bank holding company with mortgage banking operations in Puerto Rico, sank from $40 to $10 when the book-juggling was revealed, the SEC says.

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