Banks may have violated securities laws, panel finds

We told you earlier this week that the Congressional Financial Crisis Inquiry Commissio has reportedly referred several cases to state and federal authorities for possible prosecution. And the panel's report (pdf), released yesterday, offers more information on what those cases might be about.

As The Huffington Post notes, the report found that banks selling mortgage bonds often didn't disclose key information to investors. That raises "the question of whether the disclosures were materially misleading, in violation of the securities laws," the panel wrote.

It's not clear which banks may be implicated here. But some lenders, including JP Morgan Chase and Bank of America, are already facing massive lawsuits from investors claiming they were sold toxic assets.

(AP Photo/Manuel Balce Ceneta: Financial Crisis Inquiry Commission Chairman Phil Angelides (left) and Vice Chairman Bill Thomas)