September 20, 2017 / 10:55 PM / 3 months ago

Former bank executive gets public officer bar in final judgment

A federal judge has imposed a $525,000 penalty against Thomas Wu, former chief executive of defunct San Francisco-based United Commercial Bank, who was accused of misleading investors about the bank’s financial condition during the financial crisis.

In a decision on Wednesday, U.S. District Judge Jeffrey White in Oakland, California also permanently barred Wu from serving as an officer or director of a public U.S. company, saying he “has given no assurances that he appreciates the wrongful nature of his actions or that he will avoid future violations.”

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2fARk1G

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