Puerto Rican Lender to Pay US $25 Million
By Katie Hauser
Published on September 19, 2006
Investigators claim that between 2000 and 2004, the company overstated income by roughly $921 million. Allegedly, accounting irregularities made it possible for the company to claim a staggering 28-quarter streak of record earnings. These tactics also helped with Doral’s placement of over $1 billion in equity and debt.
Doral Financial neither denied nor admitted the charges before settling with the SEC.
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