California CFO fined $10K for faulty Call Report data
Bradley J. Lyon, former chief financial officer of Golden Pacific Bank, N.A., Sacramento, California, has been issued an OCC Consent Order to Cease and Desist and to pay a $10,000 civil money penalty based on the Comptroller's findings that he, from at least December 1, 2018, to April 1, 2019, manipulated the bank’s expense accrual accounts to inflate the Bank’s 2018 income; that those actions were inconsistent with generally accepted accounting principles (“GAAP”) and led the Bank to file a materially inaccurate Call Report by reporting this inflated income on its December 31, 2018, Call Report.
The Bank later had to correct and refile its December 31, 2018, Call Report.
Lyon was ordered to pay the $10,000 civil money penalty in four installments of $2,500 by July 31, 2021.
If Lyon is currently a financial institution-affiliated party, or prior to accepting any offer of a position that would cause him to become an institution-affiliated party, he must provide the president or CEO of the institution a copy of the OCC's order.