Defendant Name:
First Bancorp
Defendant Type:
Public Company
Document Reference:
LR-21117_07-cv-07039
Document Details
Legal Case Name
SEC v. First BanCorp
Document Name
SEC Announces Distribution of $123 Million To Doral Financial Investors Harmed By Accounting Fraud
Document Date
06-Jul-2009
Document Format
Civil Proceeding
Case Number
07-cv-07039
Federal District Court
New York, Southern District of New York
Federal District Judge
Paul A. Crotty
AAER
3007
Allegation Type
Issuer Reporting and Disclosure
Document Summary
The Commission stated: "The Securities and Exchange Commission today announced that investors who were harmed by fraudulent accounting and disclosure practices at Doral Financial Corporation are receiving $123 million in cash to compensate them for their losses. These funds include $25 million recovered by the SEC in an action brought against Doral Financial and $8.5 million in a related action brought against First BanCorp."
Disgorgement & Penalty Information
Resolutions
None Specified
Monetary Penalties:
"recovered by the SEC in an [...] action brought against First Bancorp."
Individual:
$8,500,000.00
Shared: