The Bancorp Inc. says it faces a potential enforcement action from the Securities and Exchange Commission over its commercial mortgage-backed securities portfolio.
The Wilmington, Del.-based bank said in a Tuesday securities filing that it received a so-called “Wells Notice” from the SEC on July 6 indicating that the agency’s staff recommended filing an enforcement action “alleging violations of record keeping, reporting and internal control” as required by the Securities Exchange Act of 1934.
A Wells Notice is a determination by SEC staff that the agency commence an enforcement action. SEC staff takes Wells Notice recommendations to the commissioners, who must ...
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