Choice can get this wrong — tell us if something's off.
PNC Bank aided $85 million fraud scheme, suit says.
PNC Bank aided $85 million fraud scheme, suit says – Sun Sentinel
PNC Bank's former employee Jorge Troncoso was placed under an order of prohibition for making unauthorized debits from multiple customer accounts.
Order of Prohibition against Jorge Troncoso, former Branch Banker at a Houston, Texas, branch of PNC Bank, N.A., Wilmington, Delaware, for making unauthorized debits from multiple customer accounts.
PNC discharged an employee in July 2009 in retaliation for her prior disability discrimination complaints to EEOC and PHRC.
Plaintiff additionally avers that Defendant discharged her in July of 2009 in retaliation for her filing a prior charge of disability discrimination against PNC with the U.S. Equal Employment Opportunity Commission (“EEOC”) and the Pennsylvania Human Rights Commission (“PHRC”) in September of 2002.
PNC exceeds its Community Benefits Plan commitment with $119 billion in community investments.
PNC Surpasses Community Benefits Plan Commitment With $119 Billion in Community Investments
PNC earlier this month contributed $200,000 to the Lawyers’ Committee for Civil Rights Under Law in support of the group’s work to secure voting access for all communities, especially African Americans and other voters of color.
The Special Committee facilitates Board-level oversight of the management-identified pillars of PNC’s equity and inclusion efforts, and oversees management’s continued development and evaluation of the appropriate pillars of such efforts. The Special Committee also oversees the implementation of our publicly announced Community Benefits Plan to provide loans, investments and other financial support to bolster economic opportunity for low- and moderate-income individuals and communities, and people of color, and to help end systemic racism.
PNC Bank pays $35 million to African-American and Hispanic victims of National City Bank's discriminatory conduct.
The consent order requires PNC Bank to pay $35 million to African-American and Hispanic victims of National City Bank's discriminatory conduct.
PNC agreed to pay $115 million in civil fines and restitution to settle SEC allegations of securities fraud.
A PNC subsidiary already has agreed to pay $115 million in civil fines and restitution to settle the SEC's allegations of securities fraud.
A PNC subsidiary already has agreed, in June 2003, to pay $115 million in civil fines and restitution to settle the SEC's allegations of securities fraud.
PNC is accused of transferring $762 million in loans and other assets to special purpose entities without proper disclosures.
The insurer had previously disclosed that the SEC was considering suing it for alleged civil-securities fraud over several 2001 transactions it conducted with PNC, and that the Justice Department was weighing criminal prosecutions against it in the PNC matter and one involving cellphone distributor Brightpoint Inc.
The SEC's investigation of AIG's dealings with PNC are said to involve three 2001 transactions in which the Pittsburgh-based bank increased its earnings by shifting $762 million of poorly performing loans and other assets off its balance sheet, allegedly in violation of generally accepted accounting principles.
The insurer had previously disclosed that the SEC was considering suing it for civil securities fraud over several 2001 transactions it conducted with PNC, and that the Justice Department was weighing criminal prosecutions against it in both the PNC matter and one involving cell phone distributor Brightpoint Inc.
The SEC's investigation of AIG's dealings with PNC are said to involve three 2001 transactions in which the Downtown-based bank increased its earnings by shifting $762 million of poorly performing loans and other assets off its balance sheet, allegedly in violation of generally accepted accounting principles.
PNC’s ICLC Corp. fraudulently transferred the loans and venture capital investments to off-balance-sheet entities, the Justice Department said.
Arising Out of PNC’s Improper Accounting and Disclosures Regarding the Transfer of $762 Million of Loans and Other Assets to Special Pur
Further, on January 17, 2002, PNC issued a materially false and misleading press release that, among other things, overstated its 2001 full year earnings per share by 52%.
PNC consented to the entry of the Order, without admitting or denying the Commission’s findings, requiring that it cease and desist from committing or causing any future violations of the anti-fraud provisions of Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933 and, Sections 10(b), of the Exchange Act of 1934 and Rule 10b-5 thereunder.
In connection with its improper accounting for its interest in the three special purpose entities, PNC also made materially false and misleading disclosures in certain press releases and in quarterly reports filed with the Commission for the second and third quarters of 2001 about its financial condition, earnings and exposure to the risks of its commercial lending activities.1
Commission Orders PNC to Cease and Desist From Violating Antifraud, Reporting and Record-Keeping Provisions of Federal Securities Laws
Among other things, PNC overstated its third quarter 2001 earnings per share by 21.4% in its Form 10-Q filed with the Commission for that quarter, and in that Form 10-Q and in its Form 10-Q for the second quarter of 2001, PNC materially overstated the extent to which it was reducing its exposure to commercial lending.
The CFPB is responsible for enforcing fair lending and consumer financial laws at PNC Bank and its affiliates.
The CFPB is responsible for examining us for compliance with most federal consumer financial protection laws, including the laws relating to fair lending and prohibiting unfair, deceptive or abusive acts or practices in connection with the offer, sale or provision of consumer financial products or services, and for enforcing such laws with respect to PNC Bank and its affiliates.
PNC terminated Williams, a protected class member, who was qualified for his position and replaced by someone outside his protected class.
Here, there is no dispute that Williams was a member of a protected class, that the PNC Defendants terminated him, that he was qualified for the position he held or that he was replaced by a person outside of Williams’ protected class.
PNC Financial Services Group, Inc. faces enforcement action from SEC over improper accounting and disclosures regarding $762 million in loan transfers.
SEC.gov | The Securities and Exchange Commission Takes Enforcement Action with Respect to the PNC Financial Services Group, Inc. Arising Out of PNC’s Improper Accounting and Disclosures Regarding the Transfer of $762 Million of Loans and Other Assets to Special Pur
The Securities and Exchange Commission took action today with respect to accounting improprieties by The PNC Financial Services Group, Inc., a Pittsburgh, Pennsylvania, bank holding company, resulting from transactions with special purpose entities.