Defendant Name:
Flagstar Bancorp, Inc., Now Known as "Flagstar Financial, Inc."
Defendant Type:
Public Company
SIC Code:
6035
CUSIP:
33793070
Document Reference:
33-11343
Document Details
Legal Case Name
In the Matter of Flagstar Bancorp, Inc., now known as “Flagstar Financial, Inc.”
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
16-Dec-2024
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On December 16, 2024, the SEC instituted settled cease-and-desist proceedings against Flagstar Bancorp, Inc., now known as “Flagstar Financial, Inc.”, stating: "This matter concerns materially misleading statements that Flagstar negligently made regarding a cybersecurity attack on Flagstar’s network between November 22, 2021 and December 25, 2021 (the “Citrix Breach”), which resulted in, among other things, the encryption of data, network disruptions, and the exfiltration of the personally identifiable information (“PII”) of approximately 1.5 million individuals, including customers, on December 3 and 4, 2021."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Monetary Penalties:
Civil Penalty
Individual:
$3,550,000.00
Shared:
