SEC Strikes Deal With R&G Financial: Report

Law360, New York (February 13, 2008, 12:00 AM EST) -- The U.S. Securities and Exchange Commission has reportedly reached a deal with R&G Financial Corp. after accusing the company of artificially pumping up its net income by an estimated $180 million over a three-year period.

Dow Jones reported Wednesday that the SEC had filed a settled action against R&G Financial in the U.S. District Court for the Southern District of New York in the wake of allegations that the Puerto Rican bank improperly accounted for billions of dollars related to mortgage-related transactions from the years of...
To view the full article, register now.