Defendant Name: AmTrust Financial Services, Inc.

Defendant Type: Public Company

Document Reference: court_doc10_20-cv-04652

Document Details

Legal Case Name SEC v. AmTrust Financial Services, Inc. and Ronald E. Pipoly, Jr.
Document Name Final Judgment as to AmTrust Financial Services, Inc.
Document Date 19-Jun-2020
Document Format Civil Proceeding
Case Number 20-cv-04652
Federal District Court New York, Southern District of New York
Federal District Judge Louis L. Stanton
Allegation Type Issuer Reporting and Disclosure
Document Summary On June 19, 2020, the Court issued a final Judgment as to AmTrust Financial Services, Inc. stating: "Defendant AmTrust Financial Services, Inc. ("Defendant") consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment."

Disgorgement & Penalty Information

Resolutions
Enjoinment
Monetary Penalties:

Civil Penalty

Individual:     $10,300,000.00 Shared:    

Total Penalty

Individual:     $10,300,000.00 Shared:    

Related Documents:

comp-pr2020-135 17-Jun-2020 Complaint
Complaint
The SEC stated: "From March 16, 2010 through February 29, 2016 (the “Relevant Period”), AmTrust failed to disclose the Company’s process for reporting management’s best estimate of loss reserves — a process performed by Pipoly, the Company’s former Chief Financial Officer (“CFO”)."
LR-24838 17-Jun-2020 Litigation Release
Insurance Company and Former CFO Charged with Faulty Loss Reserves Disclosures
The Commission stated that: "[It] charged international insurance company AmTrust Financial Services, Inc. and its former CFO Ronald E. Pipoly Jr. with failing to disclose material facts about how the company estimated its insurance losses and reserves. They have agreed to pay a combined $10.5 million to settle the SEC's charges."
2020-135 17-Jun-2020 Press Release--Civil Action
Insurance Company and Former CFO Charged With Faulty Loss Reserves Disclosures
The Commission stated that: "[It] charged international insurance company AmTrust Financial Services Inc. and its former CFO Ronald E. Pipoly Jr. with failing to disclose material facts about how the company estimated its insurance losses and reserves. They have agreed to pay a combined $10.5 million to settle the SEC’s charges."

Other Defendants in Action:

Ronald E. Pipoly, Jr.