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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
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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.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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