U.S. SEC charges Medallion taxicab lender with fraud, shares tumble

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The U.S. Securities and Exchange Commission charged Medallion Financial Corp and its president with fraud.

They were charged for trying to inflate the stock price of the lender to taxicab medallion buyers.

In a complaint filed on Wednesday, the SEC said Medallion and President paid a California media strategist to anonymously promote Medallion.

The value of New York City medallions fell, as owners defaulted on their loans and Some medallion lenders went bankrupt .

– Reuters

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