On August 16, 2022, the SEC instituted cease-and-desist proceedings against Eagle Bancorp, Inc., stating: "These proceedings concern material misstatements and omissions that Eagle, a Bethesda, Maryland-based bank holding company, made about related party loans extended by Eagle’s principal subsidiary, EagleBank, to family trusts affiliated with Ronald D. Paul (“Paul”), Eagle’s former Chairman, CEO, and President, and to other related parties."

The Commission charged: "Eagle Bancorp, Inc., based in Bethesda, Maryland, and its former Chief Executive Officer and Chairman of the Board, Ronald D. Paul, with negligently making false and misleading statements about related party loans extended by the bank to Paul's family trusts."

The Commission stated: "IT IS HEREBY ORDERED that the Division’s request for an extension of time until June 30, 2023, to submit a Proposed Plan of Distribution is granted."

The Commission ordered that: "Heffler, Radetich & Saita, LLP is appointed as the Tax Administrator for the QSF."

The Commission ordered that: "the Division’s request for an extension of time until October 18, 2023 to submit a Proposed Plan of Distribution is granted."

The Commission ordered that: "A. JND is appointed as the Fund Administrator . . .; B. JND shall obtain a bond . . . in the amount of $13,781,709; C. the Fund Administrator will submit invoices to the Commission staff for services rendered . . .; and D. at the direction of an Assistant Director of the Office of Distributions, OFM is authorized to pay the Fund Administrator’s fees and expenses from the Fair Fund."

The Commission stated: "Notice is hereby given . . . that the Division of Enforcement has submitted to the Commission a Proposed Plan of Distribution (the "Proposed Plan") for the distribution of monies collected in the above-captioned matter."

The Commission stated: "The Division of Enforcement submits this Proposed Plan of Distribution (the “Plan”) to the United States Securities and Exchange Commission (the “Commission”) . . . . This Plan provides for the distribution of a Fair Fund (the “Fair Fund”), comprised of disgorgement, prejudgment interest, and civil money penalties paid by Eagle Bancorp, Inc. (“Eagle” or the “Respondent”) in the above-captioned matter."

- Eagle Bancorp, Inc. engaged in misstatement and omission of related party loans and false statements regarding the loans -Based on this conduct the SEC held that it violated various securities law sections and was subject to a cease-and-desist order, disgorgement and civil penalty

- The SEC issued a Corrected Order Instituting Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order - In the Order, the SEC found that Eagle made material misstatements and omissions about related party loans that Eagle's principal subsidiary, EagleBank, extended to family trusts affiliated with Eagle's former Chairman, CEO, and President, Ronald D. Paul, and to other related parties. From March 2015 through April 2018, Eagle failed to include these undisclosed loans in the related party loan balances included in its annual reports and proxy statements filed with the SEC. Eagle and Paul also made false statements regarding the nature of the loans in two press releases. Based on this conduct, the SEC found that Eagle violated securities laws - Investors who purchased or acquired the Security between March 2, 2015, and July 17, 2019, inclusive, suffered losses as a result of Eagle's non-disclosure of related-party loans, which caused artificial inflation in the price of the Security and price drops surrounding corrective disclosures. - the SEC ordered Eagle to pay disgorgement, prejudgment interest, and a civil money penalty to the SEC