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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
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- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
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- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
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- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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Banc of California CEO Resigns Amid SEC Inquiry
Steven Sugarman, who built Banc of California into a prominent regional lender, resigned as Chairman and CEO Monday - same day that the Irvine bank announced it's under investigation by the SEC. The bank offered no explanation for Sugarman’s resignation, but the move - and the SEC investigation - could relate to continued fallout from questions about connections between bank insiders and a convicted fraudster.
The SEC issued a formal investigative order and a subpoena, demanding information related to an October press release that laid out a response to a blogger’s allegations that the bank was connected to and possibly controlled by Jason Galanis, an L.A. financier who pleaded guilty to securities fraud charges over the summer. In that 10/18/16 release, the bank reported that board members had hired a law firm to conduct an independent investigation of the blogger’s allegations. On Monday, the bank acknowledged that the investigation had, in fact, been initiated and overseen by the bank’s management, not its board.
