Barclays Bank and two of its former executives were sued Thursday by the federal government for an allegedly fraudulent scheme to sell residential mortgage-backed securities built on subprime mortgages.
In a lawsuit filed in the Eastern District of New York, the government alleges misconduct in the sale of the securities between 2005 and 2007 by the bank and Paul Menafee, the lead banker on its subprime residential mortgage-backed securities (RMBS) and John Carroll, the bank’s lead trader for subprime loan acquisitions.
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