Defendant Name: Ocwen Financial Corp.

Defendant Type: Public Company

Document Reference: 2016-13

Document Details

Legal Case Name In the Matter of Ocwen Financial Corp.
Document Name Ocwen Paying Penalty for Misstated Financial Results
Document Date 20-Jan-2016
Document Format Administrative Proceeding
File Number 3-17060
Allegation Type Issuer Reporting and Disclosure
Document Summary On January 20, 2016, the SEC announced that it had settled charges against Ocwen Financial Corp. for its misstatement of financial results as a result of a flawed methodology used to value complex mortgage assets. The Commission also charged that Ocwen's internal controls "failed to prevent conflicts of interest involving Ocwen's executive chairman, who played a dual role in many related party transactions." To settle the charges, Ocwen, without admitting or denying the findings, consented to the entry of the SEC's order and agreed to pay a $2 million penalty.

Related Documents:

34-76938 20-Jan-2016 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings, Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On January 20, 2016 the SEC instituted settled administrative proceedings against Ocwen Financial Corp. for control failures that allowed its Executive Chairman to approve transactions between Ocwen and HLSS, a company on whose board the Executive Chairman also served. Additionally, the SEC charged that Ocwen materially misstated its net income for three quarters in 2013 and the first quarter of 2014.

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In the Matter of Home Loan Servicing Solutions, Ltd.
Home Loan Servicing Solutions, Ltd.