Don’t lie about debt prices or you could end up in jail. And if you’ve already lied, watch out.

That’s the message to traders in the US$375 billion opaque market for collateralized loan obligations (CLOs) after Matthew Katke, a former Royal Bank of Scotland Group Plc CLO trader, pleaded guilty Wednesday in the U.S. to committing securities fraud. Katke agreed to cooperate with federal prosecutors’ investigation into a multimillion-dollar scheme to cheat customers who bought and sold bonds.

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