Defendant Name: Santander Consumer USA Holdings Inc. 

Defendant Type: Public Company

Document Reference: 34-84829-s

Document Details

Legal Case Name In the Matter of Santander Consumer USA Holdings Inc.
Document Name SEC Charges Santander Consumer for Accounting and Internal Control Failures
Document Date 17-Dec-2018
Document Format Administrative Proceeding
File Number 3-18932
Allegation Type Issuer Reporting and Disclosure
Document Summary The SEC stated: "Santander Consumer USA Holdings Inc., a publicly-traded issuer of subprime automobile loan securitizations, has agreed to settle charges stemming from its accounting for troubled subprime loans."

Disgorgement & Penalty Information

Resolutions
None Specified
Monetary Penalties:

Civil Penalty

Individual:     $1,500,000.00 Shared:    

Related Documents:

34-84829 17-Dec-2018 Administrative Proceeding
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
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."