Defendant Name: Malvern Bancorp, Inc.

Defendant Type: Public Company
SIC Code: 6036
CUSIP: 56140910

Initial Case Details

Legal Case Name In the Matter of Malvern Bancorp, Inc. and Joseph D. Gangemi
First Document Date 15-Aug-2023
Initial Filing Format Administrative Action
File Number 3-21562
Allegation Type Issuer Reporting and Disclosure
AAER 4441

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)
Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)
Additionally, Joseph D. Gangemi is alleged to have caused Malvern Bancorp, Inc. 's violation of Rule 12b-20 of the Exchange Act.
Joseph D. Gangemi is alleged to have caused Malvern Bancorp, Inc. 's violation of Sec 13(a) of the Exchange Act.
Joseph D. Gangemi is alleged to have caused Malvern Bancorp, Inc. 's violation of Rule 13a-1 of the Exchange Act.
Joseph D. Gangemi is alleged to have caused Malvern Bancorp, Inc. 's violation of Rule 13a-11 of the Exchange Act.
Joseph D. Gangemi is alleged to have caused Malvern Bancorp, Inc. 's violation of Rule 13a-13 of the Exchange Act.
Joseph D. Gangemi is alleged to have caused Malvern Bancorp, Inc. 's violation of Sec 13(b)(2)(A) of the Exchange Act.
Joseph D. Gangemi is alleged to have caused Malvern Bancorp, Inc. 's violation of Sec 13(b)(2)(B) of the Exchange Act.
Joseph D. Gangemi is alleged to have caused Malvern Bancorp, Inc. 's violation of Sec 17(a)(2) of the Securities Act.
Joseph D. Gangemi is alleged to have caused Malvern Bancorp, Inc. 's violation of Sec 17(a)(3) of the Securities Act.

Resolutions

First Resolution Date 15-Aug-2023

Related Documents:

33-11223 15-Aug-2023 Administrative Proceeding
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
On August 15, 2023, the SEC instituted settled cease-and-desist proceedings against Malvern Bancorp, Inc. and Joseph D. Gangemi, stating: "Between December 2017 and February 2021 (“Relevant Period”), Malvern repeatedly failed to timely recognize and appropriately account for issues related to several large commercial real estate loans resulting in material misstatements of Malvern’s financial statements for several quarters."
33-11223-s 15-Aug-2023 Administrative Summary
SEC Charges Malvern and Former CFO for Materially Misstating Financial Statements in Connection with Certain Commercial Real Estate Loans
On August 15, 2023, the SEC "announced settled cease and desist proceedings against Malvern Bancorp, Inc. (“Malvern”) and Malvern’s former Chief Financial Officer, Joseph D. Gangemi (“Gangemi”). The SEC order finds that Malvern violated antifraud, reporting, books and records, and internal accounting controls provisions of the securities laws for repeatedly failing to timely recognize and account for impairment issues with respect to several large commercial real estate loans. The SEC order finds that Gangemi caused Malvern’s violations. Pursuant to the settlements, Malvern agreed to pay a penalty of $350,000, and Gangemi agreed to pay a penalty of $40,000."

Other Defendants in Action:

Joseph D. Gangemi