Doral Settles With SEC Over Earnings

Law360, New York (September 19, 2006, 12:00 AM EDT) -- Doral Financial Corp., Puerto Rico’s largest mortgage company, has agreed to cough up $25 million to settle allegations it overstated its earnings for five years with the Securities and Exchange Commission.

According to the SEC, Doral overstated its income by $921 million between 2000 and 2004—an overstatement of 100% on a pre-tax, cumulative basis, the SEC said.

“This agreement is a major step forward in resolving the legal and regulatory issues facing Doral,” said Glen Wakeman, the company’s chief executive officer. “We have implemented and will...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.