Defendant Name:
Mercantile Bancorp, Inc.
Defendant Type:
Public Company
SIC Code:
6712
CUSIP:
58734P10
Document Reference:
comp22817
Document Details
Legal Case Name
SEC v. Mercantile Bancorp, Inc., Ted Awerkamp and Michael McGrath
Document Name
Complaint; Equitable Relief is Sought
Document Date
24-Sep-2013
Document Format
Civil Proceeding
Case Number
13-cv-03341
Federal District Court
Illinois, Central District of Illinois
Federal District Judge
Richard Mills
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On September 24, 2014, the SEC filed a complaint alleging that Mercantile Bancorp, Inc. failed to "disclose a probable, material loan loss in a securities registration statement the bank filed with the SEC in the fall of 2010" and failed to "recognize that loss in the bank's third quarter financial statements that Mercantile filed with the SEC in November 2010." The SEC alleged that in failing to disclose and recognize the above loan loss, Mercantile was able to "(i) falsely state that its main subsidiary bank had met certain capital ratio thresholds required by the Federal Deposit Insurance Corporation ("FDIC"); (ii) understate its net loss for the quarter and the nine months ending September 30, 2010 as $7.5 million and $11 million (instead of at least $12.78 million and at least $16.28 million); and (iii) falsely state that its main subsidiary bank had net income of $1.8 million for first nine months of 2010 when it actually had a net loss of at least $3.48 million during that period."
Other Defendants in Action:
