June 18, 2020 / 8:46 PM / 21 days ago

IN BRIEF: AmTrust, former CFO to pay $10.5 mln to settle SEC charges

Insurer AmTrust Financial Services Inc and its former CFO Ronald Pipoly have agreed to pay a combined $10.5 million to settle charges by the U.S. Securities and Exchange Commission that they failed to disclose material facts about how the company estimated its insurance losses and reserves, the agency announced Wednesday.

In a complaint filed in the U.S. District Court for the Southern District of New York, the SEC said that between 2010 and 2016, New York-based AmTrust failed to disclose in SEC filings that Pipoly had made accounting adjustments to the company’s reported loss reserves that diverged from the company’s publicly disclosed actuarial methods.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/3hNsGcT

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