Defendant Name: Fifth Third Bancorp

Defendant Type: Public Company
SIC Code: 6711
CUSIP: 31677310

Initial Case Details

Legal Case Name In the Matter of Fifth Third Bancorp and Daniel Poston
First Document Date 04-Dec-2013
Initial Filing Format Administrative Action
File Number 3-15635
Allegation Type Issuer Reporting and Disclosure
AAER 3514

Violations Alleged

Exchange Act
• Sec 13(a)
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)
Additionally, Daniel Poston is alleged to have aided and abetted Fifth Third Bancorp's violation of Sec 13(a) of the Exchange Act (willfully/knowingly).
Daniel Poston is alleged to have caused Fifth Third Bancorp's violation of Sec 13(a) of the Exchange Act.
Daniel Poston is alleged to have aided and abetted Fifth Third Bancorp's violation of Rule 13a-13 of the Exchange Act (willfully/knowingly).
Daniel Poston is alleged to have caused Fifth Third Bancorp's violation of Rule 13a-13 of the Exchange Act.
Daniel Poston is alleged to have aided and abetted Fifth Third Bancorp's violation of Sec 13(b)(2)(A) of the Exchange Act (willfully/knowingly).
Daniel Poston is alleged to have caused Fifth Third Bancorp's violation of Sec 13(b)(2)(A) of the Exchange Act.
Daniel Poston is alleged to have aided and abetted Fifth Third Bancorp's violation of Sec 13(b)(2)(B) of the Exchange Act (willfully/knowingly).
Daniel Poston is alleged to have caused Fifth Third Bancorp's violation of Sec 13(b)(2)(B) of the Exchange Act.
Daniel Poston is alleged to have aided and abetted Fifth Third Bancorp's violation of Sec 17(a)(2) of the Securities Act (willfully/knowingly).
Daniel Poston is alleged to have caused Fifth Third Bancorp's violation of Sec 17(a)(2) of the Securities Act.
Daniel Poston is alleged to have aided and abetted Fifth Third Bancorp's violation of Sec 17(a)(3) of the Securities Act (willfully/knowingly).
Daniel Poston is alleged to have caused Fifth Third Bancorp's violation of Sec 17(a)(3) of the Securities Act.

Resolutions

First Resolution Date 04-Dec-2013

Related Documents:

33-9490 04-Dec-2013 Administrative Proceeding
Order Instituting Public Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Sections 4C and 21C of the Securities Exchange Act of 1934 and Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions and Cease-and-Desist Orders and Penalties
On December 4, 2013, the SEC filed settled administrative proceedings against Fifth Third Bancorp. According to the SEC: "This proceeding results from Fifth Third's failure to record substantial losses during the financial crisis by not properly accounting for a portion of its commercial real estate loan portfolio."
2013-255 04-Dec-2013 Press Release--Administrative Proceeding
SEC Charges Fifth Third Bancorp and Former CFO for Improper Accounting of Substantial Loan Losses During Financial Crisis
On December 4, 2013, the SEC announced that it charged the holding company of Cincinnati-based Fifth Third Bank ("Fifth Third") and its former chief financial officer Daniel Poston ("Poston") with improper accounting of commercial real estate loans in the midst of the financial crisis. Fifth Third and Poston consented to the entry of the SEC's order instituting settled administrative proceedings, which charges them with violations of Sections 17(a)(2) and (3) of the Securities Act of 1933, as well as the reporting, books and records, and internal controls provisions of the federal securities laws. Without admitting or denying the findings, they agreed to cease and desist from committing or causing any violations and any future violations of these provisions. Additionally, Fifth Third agreed to pay $6.5 million, and Poston agreed to pay a $100,000 penalty and be suspended from practicing as an accountant on behalf of any publicly traded company or other entity regulated by the SEC.
34-71515 10-Feb-2014 Administrative Proceeding
Extension Order
On February 10, 2014, the SEC granted the Division of Enforcement's request for an extension of time until August 10, 2014 to submit a Proposed Plan of Distribution.
34-92511 28-Jul-2021 Administrative Proceeding
Order Establishing a Fair Fund
The Commission ordered that: "[A] Fair Fund is established, so the civil penalties paid by the Respondents can be distributed to investor victims."
34-93110 23-Sep-2021 Administrative Proceeding
Order Appointing Tax Administrator
The Commission ordered that: "Miller Kaplan . . . is appointed the Tax Administrator for the QSF in the above-referenced proceeding."
34-93875 29-Dec-2021 Administrative Proceeding
Order Appointing Fund Administrator and Setting Administrator's Bond Amount
The Commission ordered that: "GBP is appointed as the fund administrator . . . and shall obtain a bond . . . in the amount of $6,600,000.00."
34-95418 04-Aug-2022 Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
The SEC stated that: "[n]otice is hereby given, pursuant to Rule 1103 of the United States Securities and Exchange Commission's ("Commission") Rules on Fair Fund and Disgorgement Plans ("Commission's Rules"), 17 C.F.R. § 201.1103, that the Division of Enforcement has submitted to the Commission a proposed plan of distribution (the "Proposed Plan") for the distribution of monies paid in the above-captioned matter."
34-95418-pdp 04-Aug-2022 Administrative Proceeding
Proposed Plan of Distribution
The Commission stated that: "The Division of Enforcement submits this Proposed Plan of Distribution (the “Plan”) to the United States Securities and Exchange Commission (the “Commission”) . . . . This Plan provides for the distribution of a Fair Fund (the “Fair Fund”), comprised of civil money penalties paid by Fifth Third Bancorp (“Fifth Third”) and Daniel Poston (“Poston”) (collectively, the “Respondents”) in the above-captioned matter."
34-95988 06-Oct-2022 Administrative Proceeding
Order Approving Plan of Distribution
The Commission ordered that: "the Proposed Plan is approved, and the approved Plan of Distribution shall be posted simultaneously with this order on the Commission's website at www.sec.gov."
34-95988-dp 06-Oct-2022 Administrative Proceeding
Plan of Distribution
The SEC stated: "The Division of Enforcement submits this Plan of Distribution (the “Plan”) to the United States Securities and Exchange Commission (the “Commission”) . . . . This Plan provides for the distribution of a Fair Fund (the “Fair Fund”), comprised of civil money penalties paid by Fifth Third Bancorp (“Fifth Third”) and Daniel Poston (“Poston”) (collectively, the “Respondents”) in the above-captioned matter."

Other Defendants in Action:

Daniel Poston