By Adrianne Appel2023-03-16T20:21:00
Sterling Bancorp pleaded guilty to falsifying securities statements and will pay approximately $27.2 million in restitution, the Department of Justice (DOJ) announced.
Sterling avoided a criminal penalty in the case, as the DOJ opted to focus the payment total on restitution without threatening the viability of the bank’s operations, the agency said in a press release Wednesday.
The bank falsified securities documents prior to and following a 2017 initial public offering (IPO) to make it appear it had strong revenue, according to the DOJ. At the time, the bank’s residential loan program, “Advantage Loan Program,” served as its primary loan product and was marred by fraudulent applications. The continuing deficiencies in the program, ALP, caused the bank to falsify filings with the Securities and Exchange Commission (SEC) through 2019, the DOJ said.
2024-02-15T21:00:00Z By Jeff Dale
The Office of the Comptroller of the Currency issued a cease-and-desist order against the former general counsel at Sterling Bank and Trust for not ensuring the institution’s Bank Secrecy Act compliance and failing to timely file suspicious activity reports.
2023-02-23T17:46:00Z By Aaron Nicodemus
The Department of Justice codified a new policy regarding the voluntary self-disclosure of corporate misconduct, following recent announcements on the updates by agency officials.
2023-02-17T18:58:00Z By Aaron Nicodemus
Deputy Assistant Attorney General Lisa Miller spoke to the value of deferred prosecution agreements to resolve corporate misconduct amid renewed criticism directed toward the Department of Justice’s 2021 agreement with Boeing.
2025-10-20T18:07:00Z By Adrianne Appel
Three executives of a multinational voting machine company in the crosshairs of President Donald Trump since 2020 have been indicted in Florida by the U.S. Department of Justice for allegedly paying $1 million in bribes to the Philippines top election official.
2025-10-20T17:29:00Z By Ruth Prickett
U.K. motor finance companies are preparing to pay billions in compensation after a Supreme Court ruling found they sold unfair car loans over many years, failing to disclose key information and denying consumers the chance to compare deals or negotiate.
2025-10-17T21:09:00Z By Oscar Gonzalez
Even though the U.S. federal government is currently shut down, the U.S. Securities and Exchange Commission appears to still be at work. The financial regulator is reportedly investigating a major insurance and asset management company over its accounting practices.
Site powered by Webvision Cloud