Defendant Name:
First Bancorp
Defendant Type:
Public Company
SIC Code:
6020
CUSIP:
31891010
Document Reference:
34-75086
Document Details
Legal Case Name
In the Matter of First Bancorp, Anna Hollers, and Teresa Nixon
Document Name
Corrected 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
01-Jun-2015
Document Format
Administrative Proceeding
AAER
3660
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On June 1, 2015, the SEC filed a corrected order instituting settled administrative proceedings against First Bancorp. According to the SEC, "Over a three year period, First Bancorp failed to disclose related party transactions involving family members of the company's former COO Anna Hollers, former Chief Loan Officer Teresa Nixon, and a member of its Board of Directors....By failing to make these disclosures in its Forms 10-K for fiscal years 2009, 2010 and 2011, First Bancorp violated SEC disclosure rules requiring public companies to disclose such relationships if the amounts involved exceeded $120,000. First Bancorp also failed to have controls and procedures designed to ensure the company disclosed related party transactions as required."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$275,000.00
Shared:
Other Defendants in Action:
