The Securities and Exchange Commission charged the broker-dealer Morgan Keegan & Co. and two employees with fraud Wednesday, saying they manipulated the prices of bond funds that were suffering steep losses. The Financial Industry Regulatory Authority also filed its own complaint in the matter.

The SEC announced administrative proceedings against the Memphis firm — which is owned by Regions Financial Corp. — and two employees to consider charges that they fraudulently overstated the value of securities backed by subprime mortgages.

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