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...
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