Sterling Bancorp, Inc. Plea Agreement with DOJ Receives Final Court Approval
19 Julho 2023 - 7:01PM
Business Wire
Sterling Bancorp, Inc. (NASDAQ: SBT) (the “Company”), the
holding company of Sterling Bank and Trust, F.S.B. (the “Bank”),
today announced that the United States District Court for the
Eastern District of Michigan approved the Plea Agreement previously
entered into by the Company with the U.S. Department of Justice,
Criminal Division, Fraud Section (the “DOJ”). Under the Plea
Agreement, the Company pleaded guilty to one count of securities
fraud primarily relating to disclosures with respect to the
Company’s former Advantage Loan Program contained in the Company’s
2017 IPO Registration Statement and its immediately following
Annual Reports on Form 10-K filed in March 2018 and March 2019.
Consistent with the Plea Agreement, the sentence issued by the
court requires the Company to pay $27.2 million in restitution for
the benefit of non-insider victim shareholders; further enhance its
compliance program and internal controls with respect to securities
law compliance; and provide periodic reports to the DOJ with
respect to compliance matters. The restitution amount will be
administered by a special master to be appointed by the court. This
resolution releases the Company, as well as the Bank, from further
prosecution for securities fraud and underlying mortgage fraud in
the Advantage Loan Program. The Company and the DOJ entered into
the Plea Agreement on March 15, 2023, resolving the DOJ’s
investigation focused on the Bank’s Advantage Loan Program and
related issues.
About Sterling Bancorp, Inc.
Sterling Bancorp, Inc. is a unitary thrift holding company. Its
wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has
primary branch operations in San Francisco and Los Angeles,
California and New York City. Sterling offers a range of loan
products as well as retail and business banking services. Sterling
also has an operations center and a branch in Southfield, Michigan.
For additional information, please visit the Company’s website at
http://www.sterlingbank.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230719477093/en/
Sterling Bancorp, Inc. Karen Knott Executive Vice President and
Chief Financial Officer (248) 359-6624
kzaborney@sterlingbank.com
Sterling Bancorp (NASDAQ:SBT)
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