Defendant Name: First Bancorp

Defendant Type: Public Company
SIC Code: 6020
CUSIP: 31891010

Initial Case Details

Legal Case Name In the Matter of First Bancorp, Anna Hollers, and Teresa Nixon
First Document Date 01-Jun-2015
Initial Filing Format Administrative Action
File Number 3-16569
Allegation Type Issuer Reporting and Disclosure
AAER 3660

Violations Alleged

Exchange Act
• Sec 13(a)
• Rule 13a-1
• Rule 13a-15
• Sec 13(b)(2)(B)
Additionally, Anna Hollers is alleged to have caused First Bancorp's violation of Sec 13(a) of the Exchange Act.
Teresa Nixon is alleged to have caused First Bancorp's violation of Sec 13(a) of the Exchange Act.
Anna Hollers is alleged to have caused First Bancorp's violation of Rule 13a-1 of the Exchange Act.
Teresa Nixon is alleged to have caused First Bancorp's violation of Rule 13a-1 of the Exchange Act.
Anna Hollers is alleged to have caused First Bancorp's violation of Rule 13a-15 of the Exchange Act.

Resolutions

First Resolution Date 01-Jun-2015
Headline Total Penalty and Disgorgement $310,000

Related Documents:

34-75086 01-Jun-2015 Administrative Proceeding
Corrected 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 June 1, 2015, the SEC filed a corrected order instituting settled administrative proceedings against First Bancorp. According to the SEC, "Over a three year period, First Bancorp failed to disclose related party transactions involving family members of the company's former COO Anna Hollers, former Chief Loan Officer Teresa Nixon, and a member of its Board of Directors....By failing to make these disclosures in its Forms 10-K for fiscal years 2009, 2010 and 2011, First Bancorp violated SEC disclosure rules requiring public companies to disclose such relationships if the amounts involved exceeded $120,000. First Bancorp also failed to have controls and procedures designed to ensure the company disclosed related party transactions as required."

Other Defendants in Action:

Anna Hollers
Teresa Nixon