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Home | Tag Archives: SEC

Tag Archives: SEC

Florida Stock Promoter Charged with Defrauding Investors

The Securites and Exchange Commission (SEC) filed fraud charges against a former Florida-based stock promoter, Robert J. Vitale, who is currently serving a two-year prison term for lying to SEC investigators. The SEC's complaint alleges Vitale defrauded investors in a Florida real estate venture, sold unregistered securities, and acted as an unregistered broker-dealer.

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SEC Charges Fifth Third and Exec for Improper Loan-Loss Accounting

The Securities and Exchange Commission (SEC) charged the holding company of Fifth Third Bank and its former CFO with improper accounting of commercial real estate loans during the financial crisis. Fifth Third will pay $6.5 million to settle the charges. Former CFO Daniel Poston must pay a $100,000 penalty and has been suspended from practicing as an accountant for any publicly traded or SEC-regulated company.

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SEC Says RBS Securities Misled Investors in Subprime Deal

The Securities and Exchange Commission (SEC) on Thursday charged RBS Securities Inc., the wholesale banking subsidiary of the Royal Bank of Scotland, with misleading investors in a 2007 subprime residential mortgage-backed security (RMBS) offering. RBS agreed to settle the matter and pay more than $150 million, which the SEC will use to compensate investors for harm suffered as a result of the RBS deal.

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Agencies Propose Revised QRM Rule

Six federal agencies jointly released their proposed QRM rule that would require lenders to retain risk when selling mortgage-backed securities (MBS). The new proposal was created in consideration of the industry's response to the original proposal issued in 2011. That proposal required lenders to keep a stake in the loans they sold in which borrowers were spending more than 36 percent of their income on payments and in loans with down payments of less than 20 percent. Under the new proposal, the 36 percent income threshold has been raised to 43 percent, and the revised rule also eliminates the down payment requirement.

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Father, Son Charged in Real Estate Investment Scheme

A father and son were charged for their roles in a fraudulent real estate investment scheme on March 27, the Securities and Exchange Commission (SEC) announced Monday. A federal jury in Detroit convicted John J. Bravata on one count of conspiracy and 14 counts of wire fraud, while his son, Antonio M. Bravata was charged with one count of conspiracy to commit wire fraud.

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Obama Nominates SEC Chair, Renominates Cordray

President Obama nominated Mary Jo White to serve as chair of the Securities and Exchange Commission (SEC), according to reports. White is known for her work as a U.S. attorney for the Southern District of New York, a position she held from 1993 to 2002. During her time as a U.S. attorney, White served as a prosecutor in international terrorism cases, as well as complex white collar cases. Obama also renominated Richard Cordray as the director of the Consumer Financial Protection Bureau (CFPB).

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SEC Charges Three Former Execs for Misrepresenting Bank’s Portfolio

Three former executives of the Bank of Commonwealth based in Norfolk, Virginia were charged for understating millions in loan losses and hiding the state of the bank's portfolio, the Securities and Exchange Commission (SEC) announced in a statement. Edward J. Woodard (former CEO, president, and chairman of the board), Cynthia A. Sabol (former CFO), and Stephen G. Fields (former EVP) were charged for allegedly misrepresenting the bank's deteriorating loan portfolio to investors.

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