SEC Files Settled Fraud Action against CFO Dale Ringgenberg and Anchor Bancorp Wisconsin

SEC v. Anchor Bancorp Wisconsin, Inc. and Dale C. Ringgenberg, Case No. 1:13-cv-01241 (D.D.C.).  On August 14, 2013, the SEC announced it filed a settled fraud action against Anchor Bancorp Wisconsin and its former CFO Dale Ringgenberg.  The SEC alleges that Ringgenberg engaged in conduct designed to keep from having to correct earnings that Anchor had already released to its shareholders in an SEC Form 10-Q.  According to the SEC, Ringgenberg altered an estimate to offset an accounting adjustment required by Anchor’s external auditors.  He also did not properly account for real estate appraisals and other information that was available after the quarter closed but before Anchor filed its Form 10-Q with the SEC.  Without admitting or denying the allegations, Anchor agreed to settle by consenting to the entry of a final judgment permanently enjoining it from violating Sections 10(b), 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules 10b-5 and 13a-13 thereunder.  Also without admitting or denying the allegations, Ringgenberg agreed to consent to the entry of a final judgment permanently enjoining him from violating Section 10(b) of the Exchange Act and Exchange Act Rules 10b-5, 13a-14, 13b2-1, and 13b2-2(a), and from aiding and abetting violations of Exchange Act Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) and Rule 13a-13 thereunder.  Ringgenberg also agreed to a civil monetary penalty of $75,000 and an order barring him from serving as an officer or director of a public company for five years.

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