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Sallie Mae To Stop Loan Perks to College Officials

by Associated Press , April 13, 2007

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In a letter sent to the SEC on Tuesday night, Kennedy said his own investigation revealed that Balestri apparently acquired the stock through a private placement of stock at a discount and then sold it to the others at a discount. The sale of private placement stock could be considered a securities violation, depending on when the sale took place.

An SEC spokesman declined to comment and referred all questions to Kennedy’s office.

A spokesman for CIT Group did not return requests for comment on Kennedy’s letter.

— Associated Press

 

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