News
7:13 am
Thu December 5, 2013

Cincinnati Bank Settles Improper Accounting Charges

Cincinnati-based Fifth Third Bancorp is paying 6.5 million dollars to settle Securities and Exchange Commission charges of improper accounting during the wall street collapse of 2008.

The SEC says Fifth Third classified some commercial real-estate loans in a way that misled investors. The settlement includes penalties for former chief financial officer Daniel Poston.