The Securities and Exchange Commission said Friday that it charged two former executives of Franklin Bank Corp. with hiding the deterioration of the bank's finances during the mortgage crisis, businessweek writes.
The SEC claims that in 2007 former Chief Executive Anthony Nocella and former Chief Financial Officer J. Russell McCann used aggressive loan modification programs to hide Franklin's non-performing loans and artificially boost its profits….
Wait...wait...there's more at http://www.businessweek.com/ap/2012-04/D9TVI6S00.htm
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