Business Services Industry
Fraud charges for ex-bank officers - Strategies
South Florida CEO, Dec, 2003
We last reported on Miami-based Hamilton Bank (Feb. 2002) when the financial institution was closed down by the OCC (Office of the Comptroller of the Currency) for engaging in "unsound" banking practices. Now three ex-officers of the bank are being charged by the Securities and Exchange Commission with artificially inflating earnings by hiding losses in offshore transactions.
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Former CEO Eduardo Masferrer, former president/senior lending officer Juan Carlos Bernace and former senior vice president/CFO John M.R. Jacobs were charged with the securities violations.
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