Article Author:
Reuters
The U.S. Securities and Exchange Commission on Tuesday charged Eagle Bancorp and its former chief executive, Ronald Paul, with failing to disclose a related-party loan the bank lent to Paul's family trust. said he did.
The bank and the former CEO have agreed to a settlement, according to an SEC statement.
Eagle agreed to pay $10 million in civil penalties, $2.6 million in exploitation, and interest without admitting or denying the SEC's findings. Paul agreed to pay a $300,000 penalty, a $109,000 derogation, and interest.
(Reporting by his Ismail Shakil of Ottawa, edited by Chris Reese)
