September 20, 2017 / 10:55 PM / a year 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.”

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