The Securities and Exchange Commission announced that it has filed and settled financial fraud charges against bank holding company Doral Financial Corp.

The SEC's complaint against Doral, one of Puerto Rico's largest financial institutions, alleges that the company overstated its income by $921 million between 2000 and 2004, touting a 28-quarter streak of record earnings that "facilitated the placement of over $1 billion of debt and equity" back into the company.

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