Defendant Name:
Orrstown Financial Services, Inc.
Defendant Type:
Public Company
SIC Code:
6022
CUSIP:
68738010
Document Reference:
33-10222
Document Details
Legal Case Name
the Matter of Orrstown Financial Services, Inc., Thomas R. Quinn, Bradley S. Everly, CPA, Jeffery W. Embly and Douglas P. Barton, CPA
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Sections 4C and 21C of the Securities Exchange Act of 1934 and Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions and Cease-and-Desist Orders
Document Date
27-Sep-2016
Document Format
Administrative Proceeding
AAER
3807
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On September 27, 2016, the SEC issued a settled administrative proceeding against Orrstown Financial Services, Inc. The SEC found that Orrstown, a publicly traded bank holding company whose principal business activity consists of owning and supervising its wholly owned subsidiary, Orrstown Bank, "incorrectly accounted for its commercial loans by not disclosing as much as approximately $69.5 million in loans as "impaired" in accordance with U.S. generally accepted accounting principles." This failure resulted in material misstatements.
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$1,000,000.00
Shared:
Other Defendants in Action:
