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.
2023-09-13T14:24:00Z By Kyle Brasseur
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.
2023-08-16T19:14:00Z By Kyle Brasseur
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.
2023-05-24T18:17:00Z By Aaron Nicodemus
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.
2025-08-21T18:58:00Z By Oscar Gonzalez
The Federal Trade Commission filed a complaint against LA Fitness’ parent companies, citing difficulties canceling memberships, a month after a court blocked the agency’s click-to-cancel rule.
2025-08-20T21:22:00Z By Adrianne Appel
CVS’s Caremark division knowingly overcharged Medicare for prescription drugs and must pay nearly $290 million, a Pennsylvania federal judge has ordered.
2025-08-18T14:12:00Z By Oscar Gonzalez
The owner of a water machine vending company and a portfolio manager were allegedly behind a Ponzi-like scheme that raised more than $275 million, according to the U.S. Securities and Exchange Commission.
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