Defendant Name: Santander Consumer USA Holdings Inc. 

Defendant Type: Public Company
SIC Code: 6141
CUSIP: 80283M10

Initial Case Details

Legal Case Name In the Matter of Santander Consumer USA Holdings Inc.
First Document Date 17-Dec-2018
Initial Filing Format Administrative Action
File Number 3-18932
Allegation Type Issuer Reporting and Disclosure
AAER 4002

Violations Alleged

Exchange Act
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-11
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)

Resolutions

First Resolution Date 17-Dec-2018
Headline Total Penalty and Disgorgement $1,500,000

Related Documents:

34-84829 17-Dec-2018 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 December 17, 2018, the SEC issued an order against Santander Consumer USA Holdings Inc. stating: "For at least eight reporting periods, SCUSA failed to calculate and report its incurred credit loss allowance in conformity with Generally Accepted Accounting Principles ("GAAP"). [...] In addition, SCUSA used an incorrect discount rate and made errors in calculating the accretion of that discount, which also impacted its reporting of the impairment of these assets. [...] As a result of this conduct, SCUSA violated the reporting, books and records, and internal accounting controls provisions of the federal securities laws."
34-84829-s 17-Dec-2018 Administrative Summary
SEC Charges Santander Consumer for Accounting and Internal Control Failures
The SEC stated: "Santander Consumer USA Holdings Inc., a publicly-traded issuer of subprime automobile loan securitizations, has agreed to settle charges stemming from its accounting for troubled subprime loans."