(Reuters) – The U.S. Securities and Exchange Commission said on Tuesday that it charged Eagle Bancorp Inc and its former Chief Executive Officer Ronald Paul with failing to disclose related party loans extended by the bank to Paul’s family trusts.
The bank and the former CEO have agreed to settle the charges, the SEC said in a statement.
Eagle, without admitting or denying the SEC’s findings, agreed to pay a civil penalty of $10 million, disgorgement of $2.6 million, and interest. Paul agreed to pay a penalty of $300,000, disgorgement of $109,000, plus interest.
(Reporting by Ismail Shakil in Ottawa; Editing by Chris Reese)
