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SEC Probe Into R&G Widens Puerto Rican Mortgage Scandal

Law360 (October 25, 2005, 12:00 AM EDT) -- R&G Financial has joined two other major Puerto Rican mortgage companies as the subject Securities and Exchange Commission investigations, announcing that the SEC has launched an informal inquest into its accounting practices.

According to financial statements filed with the SEC, R&G “has received from the U.S. Securities and Exchange Commission a subpoena issued pursuant to a formal order of investigation entered by the Commission seeking various documents and information. The company believes that the investigation, like the informal inquiry disclosed by it on April 26, 2005,...
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