NORFOLK, Va. (AP) - Federal regulators have accused three former executives of hiding the failed Bank of the Commonwealth's problems.
The allegations are contained in a civil complaint filed in federal court by the Securities and Exchange Commission.
The complaint asks the court to permanently bar former Bank of the Commonwealth President and CEO Edward Woodard Jr., former Vice President Stephen G. Fields and former Chief Financial Officer Cynthia A. Sabol from working in a publicly traded company as an officer or director.
Attorneys for the former executives tell The Virginian-Pilot that their clients dispute the allegations.
The bank collapsed in September 2011. In July 2012, Woodard and Fields were indicted on criminal charges stemming from the collapse.
Information from: The Virginian-Pilot, http://pilotonline.com
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