SEC Calls Franklin Bank Execs' Defense Bogus

Law360, New York (July 11, 2012, 8:18 PM EDT) -- The U.S. Securities and Exchange Commission told a Texas federal judge Monday that claims that the agency waived its right to sue two former bank executives who allegedly hid $30 million in underperforming assets from investors were frivolous and designed to prejudice the court.

SEC said in a motion that arguments by former Franklin Bank Corp. CEO Anthony Nocella and Chief Financial Officer Russell McCann that they disclosed the bank's accounting methods in SEC filings and that the agency failed to act — thereby preventing it...
To view the full article, register now.

Related

Sections

Case Information

Case Title

Securities and Exchange Commission v. Nocella et al


Case Number

4:12-cv-01051

Court

Texas Southern

Nature of Suit

850(Securities/Commodities)

Judge

Judge Lynn N. Hughes

Date Filed

April 5, 2012

Law Firms

Government Agencies

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.