Defendant Name:
Malvern Bancorp, Inc.
Defendant Type:
Public Company
SIC Code:
6036
CUSIP:
56140910
Document Reference:
33-11223
Document Details
Legal Case Name
In the Matter of Malvern Bancorp, Inc. and Joseph D. Gangemi
Document Name
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
Document Date
15-Aug-2023
Document Format
Administrative Proceeding
AAER
4441
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On August 15, 2023, the SEC instituted settled cease-and-desist proceedings against Malvern Bancorp, Inc. and Joseph D. Gangemi, stating: "Between December 2017 and February 2021 (“Relevant Period”), Malvern repeatedly failed to timely recognize and appropriately account for issues related to several large commercial real estate loans resulting in material misstatements of Malvern’s financial statements for several quarters."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Monetary Penalties:
Civil Penalty
Individual:
$350,000.00
Shared:
Other Defendants in Action:
