Capital One Pays $3.5M To Settle SEC Loan Loss Charges

Law360, New York (April 24, 2013, 6:10 PM EDT) -- Capital One Financial Corp. agreed Wednesday to shell out $3.5 million to the U.S. Securities and Exchange Commission to settle charges it underreported losses from auto loans, many of them subprime, in the months leading up to the financial crisis.

The SEC said Wednesday that the bank understated its loan losses by 18 percent in the second quarter of 2007 and by 9 percent in the third quarter of the same year, pointing the finger at two company executives that were allegedly responsible for the report....
To view the full article, register now.