The head of Egan-Jones Rating, a small rival of the big-three credit rating agencies, has been banned from rating asset-backed and government securities for 18 months as part of a settlement with US regulators.
Sean Egan, a critic of conflicts of interest concerning the general credit rating payment model, and his company are the first to be charged by the Securities and Exchange Commission since it was given oversight of credit rating agencies.
The SEC alleged that Mr Egan misled regulators when his company applied in 2008 to be recognised as a rating agency for asset-backed and government debt by overstating his experience in the field.
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