Defendant Name: First Bancorp

Defendant Type: Public Company
SIC Code: 6022
CUSIP: 31867270

Initial Case Details

Legal Case Name SEC v. First Bancorp
First Document Date 07-Aug-2007
Initial Filing Format Civil Proceeding
Case Number 07-cv-07039
Allegation Type Issuer Reporting and Disclosure
Federal District Court New York, Southern District of New York

Violations Alleged

Exchange Act
• Sec 10(b) + Rule 10b-5
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)

Related Violations Alleged

First Bancorp is alleged to have aided and abetted Doral Financial Corporation's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
First Bancorp is alleged to have aided and abetted Doral Financial Corporation's violation of Rule 12b-20 of the Exchange Act.
First Bancorp is alleged to have aided and abetted Doral Financial Corporation's violation of Sec 13(a) of the Exchange Act.
First Bancorp is alleged to have aided and abetted Doral Financial Corporation's violation of Rule 13a-1 of the Exchange Act.
First Bancorp is alleged to have aided and abetted Doral Financial Corporation's violation of Rule 13a-13 of the Exchange Act.
First Bancorp is alleged to have aided and abetted Doral Financial Corporation's violation of Sec 13(b)(2)(A) of the Exchange Act.
First Bancorp is alleged to have aided and abetted Doral Financial Corporation's violation of Sec 13(b)(2)(B) of the Exchange Act.

Resolutions

First Resolution Date 21-Aug-2007
Headline Total Penalty and Disgorgement $8,500,001

Related Documents:

complaint_07-cv-07039 07-Aug-2007 Complaint
Complaint
The Commission stated: "The SEC brings this financial fraud action against First Bancorp, a NYSE-listed Puerto Rican bank holding company. Former senior management of First Bancorp concealed the true nature of over $4 billion worth of mortgage-related transactions from its independent auditor and the investing public between 2000 and 2005."
court_doc2_07-cv-07039 21-Aug-2007 Court Docket Document
Final Judgment as to Defendant First Bancorp
The Court stated: "[Defendant First Bancorp] consented to entry of this Final Judgment without admitting or denying the allegations of the Complain (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment."
LR-21117_07-cv-07039 06-Jul-2009 Litigation Release
SEC Announces Distribution of $123 Million To Doral Financial Investors Harmed By Accounting Fraud
The Commission stated: "The Securities and Exchange Commission today announced that investors who were harmed by fraudulent accounting and disclosure practices at Doral Financial Corporation are receiving $123 million in cash to compensate them for their losses. These funds include $25 million recovered by the SEC in an action brought against Doral Financial and $8.5 million in a related action brought against First BanCorp."

Related Actions:

SEC v. Doral Financial Corporation
Doral Financial Corporation
In the Matter of Annie Astor-Carbonell (CPA)
Annie Astor-Carbonell (CPA)
SEC v. Angel Alvarez-Perez and Annie Astor-Carbonell
Angel Alvarez-Perez
Annie Astor-Carbonell (CPA)