Defendant Name:
The Bancorp, Inc.
Defendant Type:
Public Company
SIC Code:
6022
CUSIP:
05969A10
Document Reference:
34-87036
Document Details
Legal Case Name
In the Matter of The Bancorp, 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
20-Sep-2019
Document Format
Administrative Proceeding
AAER
4081
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On September 20, 2019, the SEC instituted settled administrative and cease and desist proceedings against The Bancorp, Inc. ("Bancorp"). The SEC stated: "This matter concerns Bancorp’s failures between at least April 2012 and September 2014 to properly classify certain loans and to take appropriate charges for individually impaired loans, resulting in Bancorp materially understating its Allowance for Loan and Lease Losses (“ALLL”) and its Provision for Loan and Lease Losses (“PLLL”) in its requisite periodic reports filed with the Commission."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Monetary Penalties:
Civil Penalty
Individual:
$1,400,000.00
Shared:
