Kenneth Rijock

Kenneth Rijock

Monday, September 23, 2013

TD BANK RECEIVES $52m FINE FROM OCC & SEC


Just when you thought the worst was over for beleaguered TD Bank, the proverbial roof falls in. The Office of the Comptroller of the Currency, and the Securities & Exchange Commission, have levied a $52.5 civil penalty upon the bank, through a stipulated Consent Order.

The funds are to be paid as follows:
(1) $37.5m to the SEC.
(2) $15m to the OCC.

The Consent order is short on information, but the two principal violations are stated;
(A) Failure to file Suspicious Activity Reports (SARS).
(B)  Deceiving the investors into believing that the funds were safe.

Readers who want to review the complete text of the Order can find it here*.
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*Consent Order for a Civil Money Penalty; Case Numbe AA-EC-2013-67

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