Defendant Name:
Mercantile Bancorp, Inc.
Defendant Type:
Public Company
Document Reference:
2013-196
Document Details
Legal Case Name
SEC v. Mercantile Bancorp, Inc., Ted Awerkamp and Michael McGrath
Document Name
SEC Charges Two Bank Executives for Financial Misstatements and Failure to Disclose Probable Loss on Troubled Loan
Document Date
24-Sep-2013
Document Format
Civil Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On September 24, 2013, the SEC announced that it charged Illinois-based Mercantile Bancorp ("Mercantile"), its former CEO Ted Awerkamp ("Awerkamp"), and its former CFO Michael McGrath ("McGrath") with failing to recognize in financial statements a probable loss of one of the bank's largest troubled loans. Without admitting or denying the SEC's allegations, Mercantile, Awerkamp, and McGrath consented to the entry of final judgments. In addition to monetary sanctions and officer-and-director bars against Awerkamp and McGrath, the individuals agreed to be permanently enjoined from future violations of securities laws to settle the SEC's charges.
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