Fifth Third Bank to pay $6.5M to settle SEC charges

Cincinnati-based bank and former CFO charged with improper accounting of commercial real estate loans

Another case arising from the financial crisis has been settled with the Securities and Exchange Commission (SEC), which charged the holding company of Cincinnati-based Fifth Third Bank and its former chief financial officer with improper accounting of commercial real estate loans in the midst of the 2008 mortgage crisis.

Fifth Third agreed to pay $6.5 million to settle the SEC’s charges, and Daniel Poston agreed to pay a $100,000 penalty and be suspended from practicing as an accountant on behalf of any publicly traded company or other entity regulated by the SEC.

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Erin E. Harrison

Erin E. Harrison is the Editor in Chief of InsideCounsel magazine. Harrison’s professional background includes extensive expertise in both print and online media, highlighted by...

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