SEC Charges Bank Executives with Hiding Millions

[Javaman]

http://www.cnbc.com/id/44861208

U.S. securities regulators on Tuesday charged three former executives of United Commercial Bank with misleading investors about loan losses before the bank collapsed at the height of the financial crisis.

The U.S. attorney's office in California's Northern District unveiled parallel criminal charges against former bank executives, the Securities and Exchange Commission said in its announcement.

The SEC did not specify which executives were facing criminal charges.

The SEC's civil case involving the San Francisco-based bank alleges its former chief executive, Thomas Wu, Chief Operating Officer Ebrahim Shabudin, and Senior Officer Thomas Yu concealed losses on loans from the bank's auditors. That led the bank to understate its 2008 operating losses by about $65 million, the SEC said.

a little bit more at link...

[Arctic Dave]

1. It is about freakin time!

How can someone lie repeatedly about the financial stability of a company to its clients, employees and investors, while raking in millions for their own personal gain, not be charge with a crime?

[banned from Kos]

Well, they are about to be charged

and hopefully, like Fastow, Ebbers, Kozlowski, Skilling and many others they head to the slammer after a fair trial.

[Arctic Dave]

3. I'm not for capital punishment but I might change my mind for those guys.

And anyone else convicted of similar crimes.

[Missy Vixen]

2. Oh, but they didn't do anything illegal!

It's not their fault if there's loopholes, is it?

:sarcasm:
:sarcasm:
:eyes:

[Arctic Dave]

4. It's like saying, I didn't rob the bank, the vault door was open when I grabbed all that cash.

Hopefully twenty years in real prison will help with this guys critical thinking abilities.

[Missy Vixen]

7. They're not going to jail

It would set a precedent for prosecuting the big-time thieves on Wall Street. God knows we can't have that.

:sarcasm:
:sarcasm:

[asjr]

5. It would be great if they would go after

the ones still ripping us off.

[dixiegrrrrl]

9. Yes...and note these are civil charges, not criminal, even tho fraud was involved.

So fry a few small fish, let the big ones go, and do not address any of the criminal fraud.
Sheesh.

[Scuba]

6. Yes, thousands of thousands of millions. If the stole a trillion and get off for ...

... a few hundred billion it will NOT flip my flapjacks.

[bullwinkle428]

8. Not holding my breath for genuine prosecutions.