2023年8月18日,

前首席財務官莫爾文Bancorp未能維護準確的書籍和記錄在財務報告和實施有效的內部控製,美國證券交易委員會(SEC)發現。發表2023年8月17日首次發布於潛水簡單:賓夕法尼亞州銀行控股公司莫爾文Bancorp和前首席財務官,約瑟夫•Gangemi同意支付350000美元和40000美元,分別解決證券交易委員會(sec)指控相關的財務記錄和報告,該機構說。2017年12月至2021年2月,莫爾文不準確的書籍和記錄有關的幾家大型商業房地產貸款,導致“重大錯報"公司在幾個季度財務報告,根據委員會周二公布的順序。該機構認為莫爾文違反了反欺詐、報告、書籍和記錄,和內部會計控製證券法的規定。進一步得出結論,Gangemi,成為莫爾文的首席財務官,2015年“引起”這些違規行為。“Gangemi知道或應該知道的信息表明莫爾文的會計資產是不正確的,”說。潛水的洞察力:執法行動之前完成莫爾文的協議收購新澤西第一銀行的股票和現金交易價值約1.297億美元。關閉的協議,7月17日,創造了一個合並後的公司約38億美元的資產。莫爾文莫爾文銀行控股公司,最初是組織在1887年的聯邦特許儲蓄銀行。它開展業務的總部設在Paoli,賓夕法尼亞州,費城郊區的,通過七個其他銀行的位置。 The SEC’s order details several instances in which Malvern’s records allegedly failed to properly account for customer loan issues such as troubled debt restructuring. Ultimately, this led to financial statement revisions in the company’s amended form 10-Q for the quarter ended Dec. 31, 2019 and in its amended form 10-K for the fiscal year-ended Sept. 30, 2020. The commission said Gangemi failed to maintain accurate records and didn’t implement effective internal controls over financial reporting. In one case, a commercial real estate business identified as “Company A” refinanced a property through a $7.2 million loan from Malvern in July 2016, according to the order. The unnamed client had a national retailer as its sole tenant, which declared bankruptcy in March 2017. Company A, which didn’t have any other sources of operational cash flow, tried to find a new tenant for the property throughout 2017 and 2018 but failed to do so. After the tenant’s bankruptcy, Company A’s principals refused to continue paying on the loan without payment relief through a loan modification. Malvern then approved a 15-month interest-only loan modification in September 2017, followed by a reduced interest rate in September 2017. Despite Company A’s financial difficulties as well as the interest rate and payment term concessions, Malvern failed, as required by SEC rules, to classify the restructuring of the loan as a troubled debt restructuring as of Dec. 31, 2017, according to the order. “By failing to identify this significant loan as a TDR, Malvern materially misrepresented the true status of the loan,” the SEC said, adding that Gangemi “caused the misstatement.” Malvern and Gangemi agreed to a cease-and-desist order and to pay civil penalties without admitting to or denying the SEC’s findings, the agency said. First Bank and Malvern didn’t immediately respond to requests for comment.