Defendant Name: Regions Bank

Defendant Type: Subsidiary of Public Company
Public Company Parent: Regions Financial Corporation
SIC Code: 6021
CUSIP: 7591EP10

Document Reference: complaint_09-cv-22821

Document Details

Legal Case Name SEC v. Regions Bank
Document Name Complaint
Document Date 21-Sep-2009
Document Format Civil Proceeding
Case Number 09-cv-22821
Federal District Court Florida, Southern District of Florida
Allegation Type Securities Offering
Document Summary In the Complaint, the SEC stated: "This case involves the role of a United States-based bank as trustee of an investment plan through which unregistered broker-dealers, U.S. Pension Trust Corp. and U.S. College Trust Corp. (collectively, 'USPT') defrauded approximately 14,000 investors by charging exorbitant, undisclosed commissions and fees in connection with the sale of mutual funds. Using a network of approximately 2,000 unregistered sales agents, USPT offers and sells to investors residing primarily in Latin America mutual funds available from well-known U.S. fund companies, through a trust created at a U.S. bank. Until March 2006, USPT did not disclose to new investors that it took up to 85% of investors' annual contributions, and as much as 18% of investors' lump-sum contributions, to pay exorbitant sales commissions to sales agents and a profits to itself."

Related Documents:

LR-21215 21-Sep-2009 Litigation Release
SEC Files Settled Civil Action against Regions Bank in Which Regions Agrees to Pay $1 Million Civil Penalty
The SEC stated: "that on September 21, 2009, it filed a settled civil action against Regions Bank (Regions) in the District Court for the Southern District of Florida, for its role in connection with a Florida-based offering fraud by unregistered broker-dealers U.S. Pension Trust Corp. and U.S. College Trust Corp. (collectively, USPT). For over six years, Regions or its predecessor bank served as trustee of investment plans through which USPT defrauded thousands of investors (residing primarily in Latin America) by charging exorbitant, undisclosed commissions and fees in connection with the sale of mutual funds."
2009-202 21-Sep-2009 Press Release--Civil Action
SEC Charges Regions Bank for Role in Offering Fraud Harming Latin American Investors
The SEC stated that: "[It] charged Alabama-based Regions Bank for its role in an offering fraud that victimized thousands of investors predominantly in Latin America. The SEC alleges that Regions Bank and its predecessor were a key selling point in the investment scheme because the relationship with a U.S. bank gave Latin American investors the impression that their funds would be secure."
court_doc12_09-cv-22821 21-Sep-2010 Court Docket Document
Final Judgment as to Defendant Regions Bank
On September 21, 2010, Federal District Judge Marcia G. Cooke entered Final Judgment against Regions Bank, pursuant to the SEC and Regions Bank's consent.
LR-21682 04-Oct-2010 Litigation Release
District Court Enters Final Judgment Against Defendant Regions Bank to Pay Civil Penalty
On October 4, 2010, the SEC announced that: "on September 21, 2010, the District Court for the Southern District of Florida, entered a Final Judgment against Defendant Regions Bank for its role in connection with a Florida-based offering fraud by unregistered broker-dealers U.S. Pension Trust Corp. and U.S. College Trust Corp. (collectively, 'USPT').

Related Actions:

SEC v. U.S. Pension Trust Corp., U.S. College Trust Corp., Iliana Madeiras, Leonardo Madeiras Jr., Nildo Verdeja
U.S. Pension Trust Corp.
U.S. College Trust Corp.
Nildo Verdeja
Leonardo Maceiras Jr.
Iliana Maceiras
In the Matter of U.S. Pension Trust Corp.
U.S. Pension Trust Corp.
In the Matter of U.S. College Trust Corp.
U.S. College Trust Corp.
In the Matter of Leonard Madeiras Jr.
Leonardo Maceiras Jr.
In the Matter of Iliana Maceiras
Iliana Maceiras
In the Matter of Nildo Verdeja
Nildo Verdeja
In the Matter of Regions Bank
Regions Bank