Defendant Name: Fulton Financial Corporation

Defendant Type: Public Company
SIC Code: 6020
CUSIP: 36027110

Initial Case Details

Legal Case Name In the Matter of Fulton Financial Corporation
First Document Date 28-Sep-2020
Initial Filing Format Administrative Action
File Number 3-20084
Allegation Type Issuer Reporting and Disclosure
AAER 4174

Violations Alleged

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

Resolutions

First Resolution Date 28-Sep-2020
Headline Total Penalty and Disgorgement $1,500,000

Related Documents:

34-90017 28-Sep-2020 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 September 28, 2020 the SEC instituted settled cease-and-desist proceedings against Fulton Financial Corporation. The Commission stated: "From late 2016 through mid-2017 (the"Relevant Period"), Fulton made material misrepresentations and omissions in its public filings and failed to maintain accurate books and records and sufficient internal accounting controls. Specifically, Fulton's public filings during the Relevant Period inaccurately described the process that Fulton used to value its mortgage servicing rights ("MSR") asset and determine its MSR valuation allowance."
2020-226_3-20084 28-Sep-2020 Press Release--Administrative Proceeding
SEC Charges Companies, Former Executives as Part of Risk-Based Initiative
The SEC stated: "The SEC's order against Fulton Financial Corporation, a Pennsylvania-based financial services company, finds that the company inaccurately presented its financial performance in late 2016 and early 2017. During two quarters in which Fulton was on track to meet or beat analyst consensus EPS estimates, the order finds that Fulton's public filings included a valuation allowance for its mortgage servicing rights that was at odds with the valuation methodology described in the same filings. The order finds that in mid-2017 Fulton belatedly reversed the valuation allowance, increasing its EPS by a penny in a quarter when it otherwise would have fallen short of consensus estimates. As set forth in the order, Fulton's disclosures created the misleading appearance of consistent earnings across multiple reporting periods."