Ex-Northern Rock Execs Fined For Alleged Misreporting

Law360, New York (April 13, 2010, 1:40 PM EDT) -- The United Kingdom's top securities regulator has fined two former executives of humbled mortgage lender Northern Rock PLC, including its former deputy chief executive, for their alleged roles in hiding delinquency rates among the firm's borrowers.

The U.K. Financial Services Authority hit David Baker, Northern Rock's deputy CEO from January 2004 through March 2008, with a nearly $774,500 fine and barred him from serving on the board of any British bank for his role in Northern Rock's downfall.

A second ex-Northern Rock executive, former Managing Credit...
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