Pennsylvania-based Malvern Bancorp and its former chief financial officer agreed to settle allegations levied by the Securities and Exchange Commission (SEC) regarding antifraud, reporting, books and records, and internal accounting control violations.
The bank and Joseph Gangemi, its former CFO, agreed to cease and desist from further violations and pay penalties of $350,000 and $40,000, respectively. The SEC said in an administrative proceeding Tuesday it found Gangemi caused Malvern’s violations.
