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SEC Whacks 3 Mortgage Executives

MANHATTAN (CN) - The CEO and CFO of American Home Mortgage Investment Corp. committed accounting fraud to conceal the company's financial problems in 2007 as the subprime crisis unraveled, the SEC claims in Federal Court. It claims former CEO Michael Strauss, ex-CFO Stephen Hozie, "convert(ed) the company's loss into a fictional profit," and says the company's former controller, Robert Bernstein, helped them mislead auditors.

Strauss settled the complaint by agreeing to disgorge $2.2 million and pay a $250,000 fine, the SEC said. Litigation against Hozie and Bernstein continues.

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