Inaccurate Reporting to SEC Results in Company Paying Millions

A Financial services company reached a settlement with the SEC in the amount of $18.5 million in regards to SEC claims of inaccurate reporting by the company. An SEC investigation revealed that $669 million in unpaid past due loans were not reported by Wilmington Trust Co. in 2009.

See Bloomberg News, Wilmington Trust to Pay $18.5 Million Over SEC Accounting Claim, Sept. 12, 2014.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.