Defendant Name:
First Guaranty Bancshares, Inc.
Defendant Type:
Public Company
SIC Code:
9999
CUSIP:
32043P10
Document Reference:
34-97631
Document Details
Legal Case Name
In the Matter of First Guaranty Bancshares, Inc.
Document Name
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
31-May-2023
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On May 31, 2023, the SEC instituted settled cease and desist proceedings against First Guaranty Bancshares, Inc. (FGBI), stating: "FGBI failed to disclose repurchases of its common stock on the open market in its
Forms 10-Q and 10-K in connection with an employee stock grant program (“Stock Grant
Program” or “Program”) for employees of its wholly-owned subsidiary, First Guaranty Bank
(“FGB”), and for annual stock bonus awards made to FGB executives, including FGB’s Chief
Executive Officer (“CEO”) and Chief Financial Officer, (“CFO”)."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Monetary Penalties:
Civil Penalty
Individual:
$600,000.00
Shared: