Bankrupt Anchor BanCorp Fudged Financial Reports: SEC

Law360, New York (August 14, 2013, 2:16 PM EDT) -- Bankrupt Anchor BanCorp Wisconsin Inc. used an estimating system to file misleading financial reports that misrepresented millions of dollars in losses, the U.S. Securities and Exchange Commission said in a suit filed in Washington federal court Wednesday.

The suit was settled concurrently with the filing without Anchor paying monetary penalties. 

Due to the high volume of loans it manages, Anchor uses an estimating system in its quarterly reports, the commission says. In a quarterly report for June 2009, the suit says company auditors found an error...
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