Defendant Name:
Deerfield Capital Corp.
Defendant Type:
Public Company
SIC Code:
6798
CUSIP:
24433130
Document Reference:
34-63818
Document Details
Legal Case Name
In the Matter of Deerfield Capital Corp. and Danielle Valkner, CPA
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
02-Feb-2011
Document Format
Administrative Proceeding
AAER
3237
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On February 2, 2011, the SEC filed settled administrative proceeding against Deerfield Capital Corp. and Danielle Valkner, CPA. According to the SEC: "control provisions of the Exchange Act in connection with three transactions involving securities issued by a Real Estate Mortgage Investment Conduit ('REMIC') - an investment vehicle used for the pooling of mortgage loans and the issuance of mortgage-backed securities. In each of the transactions, one of which occurred in December 2005 and two in March 2006, Deerfield Capital improperly recognized a gain from the purported sales of the REMIC while simultaneously purporting to purchase a "new" security (or 're-REMIC') representing nearly the same rights to nearly the same stream of payments. Deerfield Capital's recognition of a gain on the sale of the REMIC was contrary to Generally Accepted Accounting Principles ('GAAP')."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Monetary Penalties:
Disgorgement
Individual:
$977,000.00
Shared:
Pre-Judgment Interest
Individual:
$300,070.36
Shared:
Other Defendants in Action:
