May 19, 2024

Online bewerbungsmappe

Business The Solution

Eagle Bancorp CFO Faces SEC Probe

Eagle Bancorp CFO Charles Levingston seems to have the aid of the company’s board as he faces a doable enforcement motion by the U.S. Securities and Trade Commission.

The SEC has indicated its employees created a preliminary perseverance to propose charges against Levingston by sending him a so-identified as Wells recognize. The mother or father firm of EagleBank disclosed the recognize Wednesday in an earnings launch.

But Eagle Bancorp CEO Susan Riel said Thursday that the board experienced made a decision to have Levingston go on to serve as CFO.

“The board’s major precedence is, as it often has been, to act in the ideal interest of the firm and the company’s stockholders, and we, and the board, remain self-assured in the company’s disclosure controls, accuracy of its money reporting, and the professionalism of the company’s finance perform and staff,” she said in an earnings phone.

Levingston has been with the Bethesda, Md., bank considering that 2012 and previously worked as a bank examiner for the Federal Reserve Banks of Atlanta and Philadelphia.

The earnings launch did not specify what allegations Levingston may well be going through but said he experienced received the Wells recognize in link with an SEC investigation that Eagle 1st disclosed in July 2019.

The bank has “initiated discussions with the employees about a prospective resolution or settlement of the staff’s investigation with regard to the company” and “any existing workforce and directors,” the launch said.

In accordance to American Banker, the SEC has been investigating Eagle’s ties to former District of Columbia Councilman Jack Evans, who allegedly lobbied for legislation that would be favorable to Eagle just after the bank hired him as a expert. He also owned Eagle shares.

Eagle’s co-founder and former CEO Ron Paul abruptly retired in March 2019, citing wellbeing issues.

“The firm believes [the investigation] relate[s] to the company’s identification, classification and disclosure of similar occasion transactions the retirement of specific former officers and directors and the romance of the firm and specific of its former officers and directors with a community general public formal, between other items,” the earnings launch stated.

Photograph: Wikipedia
Charles Levingston, Eagle Bancorp, enforcement motion, Susan Riel, Wells recognize