William B. North has agreed to a final judgment by consent with the United States District Court of Delaware. The decision is the result of a fraudulent charge filed in 2015 by the Securities and Exchange Commission against North and other former Wilmington Trust officials. The SEC accused them of making false statements and omissions regarding the company’s portfolio of loans, notably underreporting by hundreds of million dollars real estate loan that was over 90 days late. North was accused in the complaint of violating securities legislation by providing false information about credit quality. North has accepted the verdict without admitting or denigrating the allegations. The judgment prevents him from violating securities laws in the future and orders him pay a civil fine of $10,000. The SEC has closed its case against North. Jack Kaufman, Margaret Spillane and Alison Conn led the litigation under Thomas P. Smith Jr. Margaret Spillane, James Addison and Mr. Smith supervised the SEC investigation. You can find more information in the specific press releases and litigation release.
Recover Investment Losses
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SEC
Securities and Exchange Commission is the federal agency that regulates the securities industry in the United States. It was created in 1934, as a reaction to the 1929 crash of the stock markets and the Great Depression that followed.
SEC’s primary mission is the protection of investors, maintaining fair and efficient markets and facilitating capital formation. The SEC regulates a variety of securities market participants, including brokers, dealers and investment advisers.
The SEC mandates that companies disclose financial information relevant to the public. This ensures transparency, and provides investors with accurate information at the right time to make informed decisions. The SEC also regulates securities trading and sales to prevent fraud and insider trading.
The SEC also enforces securities laws through investigations of potential violations, civil enforcement actions brought against companies or individuals who violate the law and the imposition of sanctions or penalties as necessary. It is also responsible for the regulation and oversight of the accounting industry, which ensures that financial reporting is accurate.
SEC acts as a protector of the U.S. Securities Markets, protecting investors’ interests and promoting fair and efficient markets.
More information can be found at
