The US Securities and Exchange Commission voted to bring an enforcement action against Egan-Jones Ratings Co. and its founder, Sean Egan, a person familiar with the matter said.

The SEC authorized an administrative proceeding after investigators alleged Egan-Jones overstated its experience in evaluating asset-backed and government securities in its 2008 application to become a nationally recognized statistical ratings organization, or NRSRO, said the person, who declined to be identified.