The U.S. attorney's office in California's Northern District unveiled parallel criminal charges against former bank executives, the Securities and Exchange Commission said in its announcement, reports CNBC.
The SEC did not specify which executives were facing criminal charges. The SEC's civil case involving the San Francisco-based bank alleges its former chief executive, Thomas Wu, Chief Operating Officer Ebrahim Shabudin, and Senior Officer Thomas Yu concealed losses on loans from the bank's auditors. That led the bank to understate its 2008 operating losses by about $65 million, the SEC said.
In addition to the SEC's civil case and criminal charges, the SEC said that the FDIC was taking enforcement action against 13 people for violations of federal banking regulations.
Read more at http://www.cnbc.com/id/44861208
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