SEC charges former UCB executives with misleading investors
SEC charges former UCB executives with failing to disclose losses that led to the bank crashing in 2009
The US Securities and Exchange Commission (SEC) has charged former executives at San Francisco-based United Commercial Bank (UCB) with misleading investors at the peak of the financial crisis in 2008 and 2009, according to a complaint filed October 11.
Chief executive officer Thomas Wu, chief operating officer Ebrahim Shabudin and senior officer Thomas Yu are said to have concealed losses on loans and assets from the bank's auditors, leading to UCB underestimating its 2008 losses by $65 million
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