SEC Charges 11 Bank Officers and Directors With Fraud

The Securities and Exchange Commission today announced fraud charges against 11 former executives and board members at Superior Bank and its holding company involved in various schemes to conceal the extent of loan losses as the bank was faltering in the wake of the financial crisis. The SEC alleges the high-ranking officers and directors schemed to mislead investors and bank regulators by propping up Superior Bank's financial condition through straw borrowers, bogus appraisals, and insider deals.  Specifically they improperly extended, renewed, and rolled over bad loans to avoid impairment......(read more)

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