The Securities and Exchange Commission says the now-defunct Thornburg Mortgage Inc., which was based in Santa Fe, N.M, aimed to conceal disastrous conditions as the housing market collapsed and the financial crisis loomed.
In a lawsuit filed Tuesday in federal court in Albuquerque, N.M., the SEC says the three executives conspired to overstate Thornburg's income by more than $400 million in 2007. It says Thornburg was facing a "severe liquidity crisis" in early 2008 and its lenders were demanding payments the company wasn't able to meet. Read full story here: News New Mexico
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