User login
Browse archives
| Su | Mo | Tu | We | Th | Fr | Sa |
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | ||||
| 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| 11 | 12 | 13 | 14 | 15 | 16 | 17 |
| 18 | 19 | 20 | 21 | 22 | 23 | 24 |
| 25 | 26 | 27 | 28 | 29 | 30 | 31 |
Who's online
Syndicate
Huntington offers settlement in federal accounting probe
Huntington offers settlement in federal accounting probe
- Huntington Bancshares Inc. said Monday that it has proposed paying a $7.5 million penalty and requiring current and former executives to give back bonuses to settle a federal investigation into the company's past accounting practices.
The regional bank holding company also said earnings for the first quarter fell to $96.5 million, or 41 cents a share, from $104.2 million, or 45 cents a share, a year ago.
The company's earnings were a penny below the expectations of analysts surveyed by Thomson Financial.
The settlement would resolve a Securities and Exchange Commission probe into the company's accounting and financial reporting practices, including the handling of automobile loan and lease origination fees and costs. Previously, the company reclassified the $3.2 billion in auto leases.
The SEC must approve the deal, and the company said SEC staff is expected to recommend it.
In 2003, the company cut its earnings by a total of $96 million from 1997 to 2003 to correct for accounting errors stemming from fees paid to auto dealers, deferral of commissions paid to originate deposits, mortgage origination fee income, recognition of pension settlements and liabilities from the sale of an auto debt-cancellation product.
Besides the penalty, the settlement would require chief executive Thomas Hoaglin to repay $360,000 from his 2002 bonus. The company's former vice chairman and chief financial officer, Michael McMennamin, would repay $265,215 in bonuses and interest, while former controller John Van Fleet would repay $26,660. The three also would pay civil penalties totaling $150,000.
Huntington is a $32 billion company with more than 300 offices in Ohio, Michigan, Indiana, Kentucky and West Virginia.
Huntington offers settlement in federal accounting probe
Classified Partners: Jobs: CareerBuilder.com – Cars: cars.com – Apartments: apartments.com
Search Circulation
Copyright 1995-2005. The Cincinnati Enquirer , a Gannett Co. Inc. newspaper.
Use of this site signifies agreement to terms of service updated 12/19/2002.
This is cache, read story here