Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Thursday, April 25, 2024 | Back issues
Courthouse News Service Courthouse News Service

SEC Sees Mortgage Mess In Puerto Rico

MANHATTAN (CN) - R&G Financial Corp. fraudulently inflated its net income by $180 million by improperly accounting for billions of dollars in mortgage-related transactions from 2002 to 2004, the SEC claims in Federal Court. Shares of R&G, a bank holding company with mortgage banking operations in Puerto Rico, sank from $40 to $10 when the book-juggling was revealed, the SEC says.

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Loading...