Defendant Name: Eagle Bancorp, Inc.

Defendant Type: Public Company

Document Reference: 34-99465-pdp

Document Details

Legal Case Name In the Matter of Eagle Bancorp, Inc.
Document Name Proposed Plan of Distribution
Document Date 05-Feb-2024
Document Format Administrative Proceeding
File Number 3-20963
Allegation Type Issuer Reporting and Disclosure
Document Summary The Commission stated: "The Division of Enforcement submits this Proposed Plan of Distribution (the “Plan”) to the United States Securities and Exchange Commission (the “Commission”) . . . . This Plan provides for the distribution of a Fair Fund (the “Fair Fund”), comprised of disgorgement, prejudgment interest, and civil money penalties paid by Eagle Bancorp, Inc. (“Eagle” or the “Respondent”) in the above-captioned matter."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Fair Funds
Monetary Penalties:

Disgorgement

Individual:     $2,600,000.00 Shared:    

Civil Penalty

Individual:     $10,000,000.00 Shared:    

Pre-Judgment Interest

Individual:     $750,493.00 Shared:    

Total Penalty

Individual:     $13,350,493.00 Shared:    

Related Documents:

33-11092 16-Aug-2022 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On August 16, 2022, the SEC instituted cease-and-desist proceedings against Eagle Bancorp, Inc., stating: "These proceedings concern material misstatements and omissions that Eagle, a Bethesda, Maryland-based bank holding company, made about related party loans extended by Eagle’s principal subsidiary, EagleBank, to family trusts affiliated with Ronald D. Paul (“Paul”), Eagle’s former Chairman, CEO, and President, and to other related parties."
2022-146 16-Aug-2022 Press Release--Administrative Proceeding
SEC Charges Eagle Bancorp and Former CEO with Failing to Disclose Related Party Loans
The Commission charged: "Eagle Bancorp, Inc., based in Bethesda, Maryland, and its former Chief Executive Officer and Chairman of the Board, Ronald D. Paul, with negligently making false and misleading statements about related party loans extended by the bank to Paul's family trusts."
34-96115 20-Oct-2022 Administrative Proceeding
Extension Order
The Commission stated: "IT IS HEREBY ORDERED that the Division’s request for an extension of time until June 30, 2023, to submit a Proposed Plan of Distribution is granted."
34-97517 17-May-2023 Administrative Proceeding
Order Appointing Tax Administrator
The Commission ordered that: "Heffler, Radetich & Saita, LLP is appointed as the Tax Administrator for the QSF."
34-97774 21-Jun-2023 Administrative Proceeding
Second Extension Order
The Commission ordered that: "the Division’s request for an extension of time until October 18, 2023 to submit a Proposed Plan of Distribution is granted."
34-98922 14-Nov-2023 Administrative Proceeding
Order Appointing Fund Administrator, Setting Administrator's Bond Amount, and Authorizing Payment of Fees and Expenses
The Commission ordered that: "A. JND is appointed as the Fund Administrator . . .; B. JND shall obtain a bond . . . in the amount of $13,781,709; C. the Fund Administrator will submit invoices to the Commission staff for services rendered . . .; and D. at the direction of an Assistant Director of the Office of Distributions, OFM is authorized to pay the Fund Administrator’s fees and expenses from the Fair Fund."
34-99465 05-Feb-2024 Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
The Commission stated: "Notice is hereby given . . . that the Division of Enforcement has submitted to the Commission a Proposed Plan of Distribution (the "Proposed Plan") for the distribution of monies collected in the above-captioned matter."
34-99899 03-Apr-2024 Administrative Proceeding
Order Approving Plan of Distribution
The Commission ordered that "the Proposed Plan is approved, and the approved Plan of Distribution shall be posted simultaneously with this order on the Commission’s website at www.sec.gov."
34-99899-dp 03-Apr-2024 Administrative Proceeding
Plan of Distribution
The Commission stated: "The Division of Enforcement submitted this Plan of Distribution (the “Plan”) to the United States Securities and Exchange Commission (the “Commission”) . . . This Plan provides for the distribution of a Fair Fund (the “Fair Fund”), comprised of disgorgement, prejudgment interest, and civil money penalties paid by Eagle Bancorp, Inc. (“Eagle” or the “Respondent”) in the above-captioned matter."

Related Actions:

SEC v. Ronald D. Paul
Ronald D. Paul