SEC v. William B. North, No. LR-25691, District of Delaware (Apr. 11, 2023) — Press Release
raw: Matthew Nicosia, William Reininger, Fabrizio Di Carlo, and Ronald Touchard
Matthew Nicosia, William Reininger, Fabrizio Di Carlo, and Ronald Touchard, No. LR-25691 (Apr. 11, 2023)
The SEC obtained a final judgment against William B
The SEC obtained a final judgment against William B. North, the former Chief Credit Officer of Wilmington Trust, for his role in making false and misleading statements regarding the bank's loan portfolio. The fraud involved underreporting the bank's real estate loans that were 90 days or more past due by hundreds of millions of dollars. North was charged with violating and aiding and abetting violations of several federal securities laws, including the Securities Act of 1933 and the Exchange Act of 1934. Without admitting or denying the allegations, North consented to the judgment, which includes a permanent injunction against future violations and a $10,000 civil penalty.
The SEC obtained a final judgment against William B. North, the former Chief Credit Officer of Wilmington Trust, for his role in making false and misleading statements regarding the bank's loan portfolio. The fraud involved underreporting the bank's real estate loans that were 90 days or more past due by hundreds of millions of dollars. North was charged with violating and aiding and abetting violations of several federal securities laws, including the Securities Act of 1933 and the Exchange Act of 1934. Without admitting or denying the allegations, North consented to the judgment, which includes a permanent injunction against future violations and a $10,000 civil penalty. The U.S. Securities and Exchange Commission obtained a final consent judgment against William B. North, the former Chief Credit Officer of Wilmington Trust, resolving charges related to fraud involving false or misleading statements about the bank’s loan portfolio. The SEC alleged that North and other officers underreported real estate loans that were 90 days or more past due by hundreds of millions of dollars, thereby misrepresenting the credit quality of the loans. Without admitting or denying the allegations, North agreed to a permanent injunction prohibiting future violations of federal securities laws and aiding and abetting such violations. As part of the resolution, North was ordered to pay a civil penalty of $10,000, which concludes the SEC’s litigation against him.
Extracted insights
- $10K $10,000 $10K–$100K
- person federal securities laws
- person final consent judgment
- person final judgment
- person jack kaufman
- agency Securities and Exchange Commission
- organization Securities and Exchange Commission
- person Thomas P. Smith, Jr.
- court united states district court
- organization United States District Court
- person william b. north
- company wilmington trust
- organization Wilmington Trust
- Securities And Exchange Commission Obtains Final Judgment
- United States District Court Entered Final Consent Judgment
- William B. North Violated Federal Securities Laws
- Securities And Exchange Commission Charged William B. North
- William B. North Made False Public Statements
- Wilmington Trust Made False Or Misleading Public Statements
- William B. North Consented Judgment
- Judgment Enjoins William B. North
- William B. North Pays $10,000 Civil Penalty
- Securities And Exchange Commission Resolves Case Against William B. North
- Jack Kaufman Led Securities And Exchange Commission Litigation
- Thomas P. Smith, Jr. Supervised Securities And Exchange Commission Investigation
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25691 / April 11, 2023 Securities and Exchange Commission v. Robert V.A. Harra, Jr., et al., No. 15-cv-00363 (D. Del. filed May 6, 2015, amended March 30, 2022) SEC Obtains Final Judgment Against Former Chief Credit Officer of Wilmington Trust On April 10, 2023, the United States District Court for the District of Delaware entered a final consent judgment against William B. North, the former Chief Credit Officer of Wilmington Trust. In 2015, the SEC charged North and three other former Wilmington Trust officers with fraud for their roles in Wilmington Trust making false or misleading public statements and omissions regarding its loan portfolio, including its underreporting, by hundreds of millions of dollars, its real estate loans which were 90 days or more past due. The SEC's complaint further alleged that North violated and/or aided and abetted violations of the federal securities laws in connection with false and misleading statements concerning the credit quality of certain of Wilmington Trust's loans. Without admitting or denying the SEC's allegations, North consented to the entry of a judgment that enjoins him from future violations of Section 17(a) of the Securities Act of 1933 and Sections 10(b) and 13(b)(5) of the Securities Exchange Act of 1934 and Rules 10b-5 and 13b2-1 thereunder, and further enjoins him from aiding and abetting future violations of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11 and 13a-13 thereunder. The judgment further orders North to pay a civil penalty of $10,000. The settlement resolves the SEC's case against North, and concludes this litigation. The SEC's litigation was led by Jack Kaufman, Margaret Spillane and Alison Conn, and was supervised by Thomas P. Smith, Jr. The SEC's investigation was conducted by Ms. Spillane and James Addison and was supervised by Mr. Smith. For further information, see Press Release 2014-192 (Sept. 11, 2014), Press Release 2015-81 (May 6, 2015), Litigation Release No. 24616, and Litigation Release No. 25568.
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25691 / April 11, 2023 Securities and Exchange Commission v. Robert V.A. Harra, Jr., et al., No. 15-cv-00363 (D. Del. filed May 6, 2015, amended March 30, 2022) SEC Obtains Final Judgment Against Former Chief Credit Officer of Wilmington Trust On April 10, 2023, the United States District Court for the District of Delaware entered a final consent judgment against William B. North, the former Chief Credit Officer of Wilmington Trust. In 2015, the SEC charged North and three other former Wilmington Trust officers with fraud for their roles in Wilmington Trust making false or misleading public statements and omissions regarding its loan portfolio, including its underreporting, by hundreds of millions of dollars, its real estate loans which were 90 days or more past due. The SEC's complaint further alleged that North violated and/or aided and abetted violations of the federal securities laws in connection with false and misleading statements concerning the credit quality of certain of Wilmington Trust's loans. Without admitting or denying the SEC's allegations, North consented to the entry of a judgment that enjoins him from future violations of Section 17(a) of the Securities Act of 1933 and Sections 10(b) and 13(b)(5) of the Securities Exchange Act of 1934 and Rules 10b-5 and 13b2-1 thereunder, and further enjoins him from aiding and abetting future violations of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11 and 13a-13 thereunder. The judgment further orders North to pay a civil penalty of $10,000. The settlement resolves the SEC's case against North, and concludes this litigation. The SEC's litigation was led by Jack Kaufman, Margaret Spillane and Alison Conn, and was supervised by Thomas P. Smith, Jr. The SEC's investigation was conducted by Ms. Spillane and James Addison and was supervised by Mr. Smith. For further information, see Press Release 2014-192 (Sept. 11, 2014), Press Release 2015-81 (May 6, 2015), Litigation Release No. 24616, and Litigation Release No. 25568.