P. M. BRIEFING : Firm Settles Civil Charges Related to $1 Billion in Municipal Bonds

Bond dealer Matthews & Wright Group Inc. and two of its officers today settled civil securities fraud and other charges related to the underwriting of more than $1 billion in municipal bonds, the Securities and Exchange Commission said.

Without admitting or denying guilt, Matthews & Wright, its president and chairman, George W. Benoit, and Roger J. Burns, its chief financial officer, agreed to settle civil charges that they violated anti-fraud and false-reporting provisions of federal securities laws.

Under the settlement, Matthews & Wright will give up its broker-dealer license and agree to avoid future securities violations.

Benoit will be barred from the securities business for at least four years, and Burns will be barred for at least two years.

The settlement is subject to approval by a federal district judge. It was filed today in U.S. District Court in Manhattan.