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Violation Tracker Individual Record

Company: Sterling Bancorp, Inc.
Penalty: $27,200,000
Year: 2023
Date: March 15, 2023
Offense Group: competition-related offenses
Primary Offense: fraud
Secondary Offense: investor protection violation
Violation Description: Sterling Bancorp agreed to plead guilty to securities fraud for filing false securities statements relating to its 2017 initial public offering (IPO) and its 2018 and 2019 annual filings. The Company will also be required to serve a term of probation through 2026, submit to enhanced reporting obligations to the department, and pay more than $27.2 million in restitution to its non-insider victim-shareholders. The department determined that any payment exceeding approximately $27.2 million is reasonably likely to threaten the continued viability of the Company, which may expose the Company's shareholders to a further risk of loss. Accordingly, to ensure that the maximum amount of the Company's funds is paid to restitution, the department agreed not to seek a criminal fine in this case.
Level of Government: federal
Action Type: agency action
Agency: Justice Department Criminal Division
Civil or Criminal Case: criminal
Facility State: Michigan
Facility City: Southfield
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.