Defendant Name: Huntington Bancshares, Inc.

Defendant Type: Public Company

Document Reference: 34-83997

Document Details

Legal Case Name In the Matter of Huntington Bancshares, Inc., Thomas E. Hoaglin, Michael J. McMennamin, and John Van Fleet
Document Name Order Authorizing the Transfer to the U.S. Treasury of the Remaining Funds and Any Funds Returned to the Fair Fund in the Future, Discharging the Plan Administrator, and Terminating the Fair Fund
Document Date 30-Aug-2018
Document Format Administrative Proceeding
File Number 3-11940
Allegation Type Issuer Reporting and Disclosure
Document Summary The Commission stated: "Accordingly, it is ORDERED that: A. The remaining Fair Fund balance of $9,271,961.73, and any funds returned to the Fair Fund in the future, shall be transferred to the U.S. Treasury; B. The Plan Administrator, Nancy R. Grunberg, is discharged; and C. The Fair Fund is terminated"

Disgorgement & Penalty Information

Cease and Desist Order
Fair Funds
Plan of Distribution
Monetary Penalties:


Individual:     $1.00 Shared:    

Civil Penalty

Individual:     $7,500,000.00 Shared:    

Related Documents:

33-8579 02-Jun-2005 Administrative Proceeding
Order Instituting Public Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934 and Rule 102(e) of the Commission's Rules of Practice, Making Findings, Imposing a Cease-and-Desist Order, Imposing Remedial Sanctions, and Other Relief
On June 2, 2005, the SEC instituted settled administrative and cease-and-desist proceedings against Huntington Bancshares, Inc., Thomas E. Hoaglin, Michael J. McMennamin, and John Van Fleet, CPA. According to the SEC: "This matter involves financial reporting fraud in connection with Huntington's financial statements included in the annual reports the Bank filed with the Commission for fiscal years 2001 and 2002 in violation of Sections 17(a)(2) and 17(a)(3) of the Securities Act. In both years, Huntington reported inflated earnings in its financial statements, enabling the Bank to meet or exceed Wall Street analyst earnings per share ('EPS') expectations and to meet internal EPS targets ('Target EPS') that determined the bonuses of senior management. Using improper accounting that was qualitatively material, Huntington overstated 2001 operating earnings by $8.5 million ($.04 per share) and 2002 operating earnings by $17.1 million ($.08 per share). Without the misstatements, Huntington's earnings would have fallen short of analyst operating earnings expectations in both years and in 2002 bonuses for Hoaglin and McMennamin, the Bank's CEO and CFO, respectively, would have been eliminated and the bonus for Van Fleet, the Bank's controller, would have been reduced. In 2001 and 2002, Huntington offered and sold securities pursuant to Forms S-3 and S-8 registration statements filed with the Commission under the Securities Act. The registration statements incorporated by reference materially misleading reports filed under Section 13(a) of the Exchange Act and Rule 13a-1 thereunder containing the above-described overstatements of earnings."
34-63290 09-Nov-2010 Administrative Proceeding
Order Directing Disbursement of Fair Fund
On November 9, 2010, the Commission filed an Order directing a disbursement of $35,716 from the Fair Fund to investors. The Fair Fund was approved and modified in October of 2006 and the total amount of the Fund is $8,634,485.29.
34-81064_3-11940 30-Jun-2017 Administrative Proceeding
Notice of Name Change of Appointed Tax Administrator
On June 30, 2017, the SEC announced a Name Change of Appointed Tax Administrator, and amended the Omnibus Order, beginning June 2017 and for calendar year 2018, to replace all references to Damasco with "Miller Kaplan Arase LLP which acquired Damasco & Associates LLP" in order to reflect Damasco's name change.