Defendant Name: Orrstown Financial Services, Inc.

Defendant Type: Public Company
SIC Code: 6022
CUSIP: 68738010

Initial Case Details

Legal Case Name In the Matter of Orrstown Financial Services, Inc., Thomas R. Quinn, Bradley S. Everly, CPA, Jeffrey W. Embly and Douglas P. Barton, CPA
First Document Date 27-Sep-2016
Initial Filing Format Administrative Action
File Number 3-17583
Allegation Type Issuer Reporting and Disclosure
AAER 3807

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)
Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)
Additionally, Douglas P. Barton is alleged to have caused Orrstown Financial Services, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Jeffrey W. Embly is alleged to have caused Orrstown Financial Services, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Bradley S. Everly is alleged to have caused Orrstown Financial Services, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Thomas R. Quinn is alleged to have caused Orrstown Financial Services, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Douglas P. Barton is alleged to have caused Orrstown Financial Services, Inc.'s violation of Sec 13(a) of the Exchange Act.
Jeffrey W. Embly is alleged to have caused Orrstown Financial Services, Inc.'s violation of Sec 13(a) of the Exchange Act.
Bradley S. Everly is alleged to have caused Orrstown Financial Services, Inc.'s violation of Sec 13(a) of the Exchange Act.
Thomas R. Quinn is alleged to have caused Orrstown Financial Services, Inc.'s violation of Sec 13(a) of the Exchange Act.
Jeffrey W. Embly is alleged to have caused Orrstown Financial Services, Inc.'s violation of Rule 13a-1 of the Exchange Act.
Bradley S. Everly is alleged to have caused Orrstown Financial Services, Inc.'s violation of Rule 13a-1 of the Exchange Act.
Thomas R. Quinn is alleged to have caused Orrstown Financial Services, Inc.'s violation of Rule 13a-1 of the Exchange Act.
Douglas P. Barton is alleged to have caused Orrstown Financial Services, Inc.'s violation of Rule 13a-13 of the Exchange Act.
Jeffrey W. Embly is alleged to have caused Orrstown Financial Services, Inc.'s violation of Rule 13a-13 of the Exchange Act.
Bradley S. Everly is alleged to have caused Orrstown Financial Services, Inc.'s violation of Rule 13a-13 of the Exchange Act.
Thomas R. Quinn is alleged to have caused Orrstown Financial Services, Inc.'s violation of Rule 13a-13 of the Exchange Act.
Douglas P. Barton is alleged to have caused Orrstown Financial Services, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Jeffrey W. Embly is alleged to have caused Orrstown Financial Services, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Bradley S. Everly is alleged to have caused Orrstown Financial Services, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Thomas R. Quinn is alleged to have caused Orrstown Financial Services, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Douglas P. Barton is alleged to have caused Orrstown Financial Services, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Jeffrey W. Embly is alleged to have caused Orrstown Financial Services, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Bradley S. Everly is alleged to have caused Orrstown Financial Services, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Thomas R. Quinn is alleged to have caused Orrstown Financial Services, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.

Resolutions

First Resolution Date 27-Sep-2016
Headline Total Penalty and Disgorgement $1,325,000

Related Documents:

33-10222 27-Sep-2016 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Sections 4C and 21C of the Securities Exchange Act of 1934 and Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions and Cease-and-Desist Orders
On September 27, 2016, the SEC issued a settled administrative proceeding against Orrstown Financial Services, Inc. The SEC found that Orrstown, a publicly traded bank holding company whose principal business activity consists of owning and supervising its wholly owned subsidiary, Orrstown Bank, "incorrectly accounted for its commercial loans by not disclosing as much as approximately $69.5 million in loans as "impaired" in accordance with U.S. generally accepted accounting principles." This failure resulted in material misstatements.

Other Defendants in Action:

Douglas P. Barton
Jeffrey W. Embly
Bradley S. Everly
Thomas R. Quinn