Fleet Settles with the SEC

PROVIDENCE, R.I. - Fleet/ Norstar Financial Group Inc. said the Securities and Exchange Commission accepted its settlement offer related to alleged violations of accounting rules.

Fleet neither admitted nor denied any of the allegations that it had violated accounting for marketable equity securities and related record keeping. The SEC said previously that Fleet had consented to its order, which instructed the company to cease and desist from violating applicable securities laws.

The investigation is now closed, Fleet said.

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