The company agreed to pay $27.2 million in restitution to shareholders and revised its 2022 earnings to show a steep loss. The plea agreement with the Department of Justice was tied to Sterling's now defunct low-documentation mortgage program.
Sterling in Michigan pleads guilty to securities fraud nationalmortgagenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationalmortgagenews.com Daily Mail and Mail on Sunday newspapers.
Sterling Bancorp is moving past its mortgage woes americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
Scott Seligman
(DepositPhotos) Sterling Bank & Trust founder Scott Seligman, a minority owner of the San Francisco Giants, is implicated in a major fraud case. Robert Snell of The Detroit News reports that Seligman: Knew about and provided encouragement for a years-long criminal conspiracy involving a loan program that helped his family reap a $115 million windfall, according to federal court records. Seligman has not been charged with wrongdoing, but the alleged conspiracy surfaced in a new criminal case that follows months of questions raised in a separate civil lawsuit about money generated by an initial public offering. The case described by prosecutors includes details about tax cheats, money launderers and bank executives engaged in a scheme that implicates Seligman, 69, the wealthy scion of a prominent Metro Detroit family active in the sports, art and philanthropic worlds.