Defendant Name: HomeStreet, Inc.

Defendant Type: Public Company
SIC Code: 9999
CUSIP: 43785V10

Initial Case Details

Legal Case Name In the Matter of HomeStreet, Inc. and Darrell van Amen
First Document Date 19-Jan-2017
Initial Filing Format Administrative Action
File Number 3-17801
Allegation Type Issuer Reporting and Disclosure
AAER 3852

Violations Alleged

Exchange Act
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Other
• Rule 21F-17(a) Exchange Act
Additionally, Darrell Van Amen is alleged to have caused HomeStreet, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Darrell Van Amen is alleged to have caused HomeStreet, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.

Resolutions

First Resolution Date 19-Jan-2017
Headline Total Penalty and Disgorgement $520,000

Related Documents:

34-79844 19-Jan-2017 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On January 19, 2017, the SEC instituted a settled proceeding against HomeStreet, Inc. According to the SEC: "This matter concerns books and records and internal accounting control violations arising from HomeStreet’s accounting related to certain commercial loans and related swaps designated as accounting hedges under GAAP (ASC 815)."
2017-24 19-Jan-2017 Press Release--Administrative Proceeding
Financial Company Charged With Improper Accounting and Impending Whistleblowers
On January 19, 2017 the SEC announced that "HomeStreet Inc. has agreed to pay a $500,000 penalty to settle charges that it conducted improper hedge accounting and later took steps to impede potential whistleblowers." According to the SEC: "from 2011 to 2014, van Amen saw to it that unsupported adjustments were made in HomeStreet’s hedge effectiveness testing to ensure the company could continue using the favorable accounting treatment. The test results with altered inputs to influence the effectiveness ratio were provided to HomeStreet’s accounting department, which resulted in inaccurate accounting entries."

Other Defendants in Action:

Darrell Van Amen