Defendant Name:
Santander Consumer USA Holdings Inc.
Defendant Type:
Public Company
SIC Code:
6141
CUSIP:
80283M10
Document Reference:
34-84829
Document Details
Legal Case Name
In the Matter of Santander Consumer USA Holdings Inc.
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
17-Dec-2018
Document Format
Administrative Proceeding
AAER
4002
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On December 17, 2018, the SEC issued an order against Santander Consumer USA Holdings Inc. stating: "For at least eight reporting periods, SCUSA failed to calculate and report its incurred credit loss allowance in conformity with Generally Accepted Accounting Principles ("GAAP"). [...] In addition, SCUSA used an incorrect discount rate and made errors in calculating the accretion of that discount, which also impacted its reporting of the impairment of these assets. [...] As a result of this conduct, SCUSA violated the reporting, books and records, and internal accounting controls provisions of the federal securities laws."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Monetary Penalties:
Civil Penalty
Individual:
$1,500,000.00
Shared:
