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Violation Tracker Individual Record

Company: First BanCorp
Current Parent Company: First Bancorp (Puerto Rico)
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $8,500,000
Year: 2007
Date: August 7, 2007
Offense Group: financial offenses
Primary Offense: accounting fraud or deficiencies
Violation Description: First BanCorp agreed to pay $8.5 million to settle allegations that it concealed the true nature of more than $4 billion worth of transactions involving non-conforming residential mortgages.
Level of Government: federal
Action Type: agency action
Agency: Securities and Exchange Commission
Civil or Criminal Case: civil
Facility State: Puerto Rico
HQ Country of Current Parent: USA
HQ State of Current Parent: Puerto Rico
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
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.