The SEC today ordered the Canadian Imperial Bank of Commerce to pay $80 million to Enron Corp. fraud victims as a settlement over CIBC's role in Enron manipulation of its financial statements, the SEC announced. CIBC did not admit any wrongdoing. A spokesman for CIBC did not return calls seeking comment.
Also, CIBC Executive Vice President Daniel Ferguson and former Executive Director Mark Wolf agreed to pay fines to the SEC in connection with the enforcement action. Mr. Ferguson will pay $563,000; Mr. Wolf will pay $60,000. Messrs. Ferguson and Wolf also did not admit to any wrongdoing. Ian Schottlaender, a former managing director in CIBC's corporate leveraged finance group, is contesting the SEC charges.
