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.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access