SEC fines Malvern Bank, ex-CFO for material misstatements
By 
Jeff Dale2023-08-16T19:36:00
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.
Between December 2017 and February 2021, Malvern repeatedly failed to timely recognize and account for impairment issues regarding large commercial real estate loans causing material misstatements over several quarters, the SEC alleged in its order.
Related articles
-
News BriefVirtu sued by SEC over customer information protections
Virtu Financial and its broker-dealer affiliate Virtu Americas face a lawsuit filed by the Securities and Exchange Commission alleging the company misled its customers regarding its safeguards to protect their information contained in its trading business database.
-
News BriefAult Alliance fined $700K over disclosure lapses
Diversified holding company Ault Alliance agreed to pay $700,000 as part of a settlement with the Securities and Exchange Commission addressing allegations of misleading disclosures and reporting violations.
-
News BriefGaia fined $2M for subscriber overstatement, whistleblower retaliation
Digital video subscription service Gaia will pay a $2 million fine to the Securities and Exchange Commission for allegedly overstating its paid subscribers and retaliating against an internal whistleblower.
More from Regulatory Enforcement
-
ArticleOFAC cracks down on Iran’s oil trade with new sanctions sweep
More than 50 people and 50 ships connected to a top Iranian official were added to the U.S. Treasury’s sanctions list on Wednesday, according to the Office of Foreign Assets Control.
-
ArticleKentucky is latest state to file suit against Temu for alleged privacy violations
Kentucky took aim at Chinese company Temu, alleging in a lawsuit that it counterfeited popular Kentucky-designed merchandise and violated customers’ privacy.
-
ArticleU.S. Department of Labor cracks down on child labor violations
The Department of Labor is using poultry processing company Mar-Jac Poultry as an example of what will happen when companies repeatedly employ underage workers in hazardous conditions. Hint: Companies can’t pin the blame on staffing agencies.