NEW YORK (TheStreet) -- The Securities and Exchange Commission on Wednesday announced that Fifth Third Bancorp (FITB) of Cincinnati and its former CFO Daniel Poston had settled charges of "improper accounting of commercial real estate loans in the midst of the financial crisis."
Fifth Third agreed to pay a $6.5 million fine, while Poston agreed to pay $100,000 and "be suspended from practicing as an accountant on behalf of any publicly traded company or other entity regulated by the SEC."
Poston had been demoted from the CFO position and named Fifth Third's "chief strategy and administrative officer in November, when Fifth Third announced its agreement to settle the charges.
The SEC accused the bank and Poston of failing to classify a pool of nonperforming commercial real estate loans as "held-for-sale" during the third quarter of 2008, even though the bank had already decided to sell the loans. Recategorizing the loans during the third quarter of 2008 would have included a significant write down, which would have "increased Fifth Third's pretax loss for the quarter by 132 percent."
The SEC said Poston during the third quarter of 2008 was "familiar with the company's loan sale efforts, which included entering into agreements with brokers during the third quarter of 2008 to market and sell loans." The regulatory added that "Despite understanding the relevant accounting rules, Poston failed to direct Fifth Third to classify and value the loans as required," and that the former CFO made inaccurate statements to auditors. Poston also made inaccurate statements to Fifth Third's auditors about the company's loan classifications, and certified the company's inaccurate results for the third quarter of 2008.
Neither Fifth Third nor Poston admitted any wrongdoing.
Fifth Third's shares were down slightly during the final hour of trading Wednesday, to $19.93.
FITB data by YCharts
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Top 5 Regional Bank Companies To Buy For 2015: Gilead Sciences Inc.(GILD)
Gilead Sciences, Inc., a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for the treatment of life threatening diseases worldwide. Its products include Atripla, Truvada, Viread, Emtriva for the treatment of human immunodeficiency virus infection in adults; Hepsera, an oral formulation for the treatment of chronic hepatitis B; AmBisome, a amphotericin B liposome injection to treat invasive fungal infections; Letairis, an endothelin receptor antagonist for the treatment of pulmonary arterial hypertension; Ranexa for the treatment of chronic angina; Vistide, an antiviral medication for the treatment of cytomegalovirus retinitis in patients with AIDS; and Cayston, an inhaled antibiotic used as a treatment to enhance respiratory systems. The company?s products also comprise Tamiflu, an oral antiviral for the treatment and prevention of influenza A and B; Macugen, an intravitreal injection for the treatment of neovascular a ge-related macular degeneration; and Lexiscan/Rapiscan, an injection used as a pharmacologic stress agent in radionuclide myocardial perfusion imaging. Its products under the Phase III clinical trials consist of Cobicistat, a pharmacoenhancer that is under evaluation as a boosting agent for HIV medicines; Elvitegravir, an oral integrase inhibitor being evaluated as part of combination therapy for HIV; Integrase Single-Tablet, a ?Quad? regimen of elvitegravir, cobicistat, tenofovir disoproxil fumarate, and emtricitabine for the treatment of HIV/AIDS in treatment-naive patients; and Aztreonam for inhalation solution for the treatment of cystic fibrosis patients with Pseudomonas aeruginosa. The company?s Phase II clinical trials products comprise Cicletanine, Ranolazine, and Aztreonam, as well as GS 9190, GS 9256, and GS 9451. Its Phase I clinical trial products include GS 7340, GS 5885, GS 6620, GS 9620, and GS 6624. The company was founded in 1987 and is headquartered in Fost er City, California.
Advisors' Opinion:- [By Keith Speights]
Unfortunately, Amgen doesn't look as hot when stacked up against only other biotech stocks. The poorer showing stems in large part from incredible runs by the two companies that make up a higher percentage of the ETF's holdings than Amgen does. Both Regeneron Pharmaceuticals (NASDAQ: REGN ) and Gilead Sciences (NASDAQ: GILD ) are up more than 50% so far this year.
Top 5 Regional Bank Companies To Buy For 2015: H&E Equipment Services Inc.(HEES)
H&E Equipment Services, Inc. operates as an integrated equipment services company. The company rents, sells, and provides parts and service support for hi-lift or aerial work platform equipment, crane, earthmoving equipment, and industrial lift truck categories. It offers heavy construction and industrial equipment for rent on a daily, weekly, and monthly basis. As of December 31, 2011, the company?s fleet consisted of 17,538 pieces of equipment. It also sells new heavy construction and industrial equipment in various categories. In addition, the company sells used equipment from its rental fleet, as well as inventoried equipment that is acquired through trade-ins from its customers and selective purchases; and new and used parts. Further, it provides maintenance and repair services; and ongoing preventative maintenance services and warranty repairs, as well as offers ancillary equipment support activities, including transportation, hauling, parts shipping, and loss damag e waivers. The company provides its services to industrial and commercial companies, construction contractors, manufacturers, public utilities, municipalities, and maintenance contractors, as well as for other industrial accounts. As of February 28, 2012, it operated a network of 65 full-service facilities, serving approximately 29,800 customers across 22 states in the West Coast, Intermountain, Southwest, Gulf Coast, Southeast, and Mid-Atlantic regions of the United States. The company markets its equipment rental services, and new and used equipment through its sales force. H&E Equipment Services, Inc. was founded in 1961 and is headquartered in Baton Rouge, Louisiana.
Advisors' Opinion:- [By Seth Jayson]
Margins matter. The more H&E Equipment Services (Nasdaq: HEES ) keeps of each buck it earns in revenue, the more money it has to invest in growth, fund new strategic plans, or (gasp!) distribute to shareholders. Healthy margins often separate pretenders from the best stocks in the market. That's why we check up on margins at least once a quarter in this series. I'm looking for the absolute numbers, so I can compare them to current and potential competitors, and any trend that may tell me how strong H&E Equipment Services's competitive position could be.
10 Best Japanese Stocks To Own Right Now: iShares 1-3 Year Treasury Bond ETF (SHY)
iShares Lehman 1-3 Year Treasury Bond Fund (the Fund) seeks investment results that correspond generally to the price and yield performance of the short-term sector of the United States Treasury market as defined by the Lehman Brothers 1-3 Year U.S. Treasury Index (the Index). The Index includes all publicly issued United States Treasury securities that have a remaining maturity of between 1 and 3 years, are non-convertible, are denominated in United States dollars, are rated investment grade (Baa3 or better) by Moody�� Investors Service, are fixed rate, and have $250 million or more of outstanding face value. Excluded from the Index are certain special issues, such as flower bonds, targeted investor notes (TINs), and state and local government bonds (SLGs), and coupon issues that have been stripped from assets already included in the Index.
The Index is a market capitalization-weighted index. The Fund invests in a representative sample of the securities in the Index, which has a similar investment profile as the Index. The Fund�� investment advisor is Barclays Global Fund Advisor.
Advisors' Opinion:- [By Donald van Deventer]
Shorter-duration Treasury Exchange-Traded Funds: (SHY), (SHV), (IEI), (BIL), (TUZ), (FIVZ), (DTUL), (VGSH), (DTUS), (DFVS), (DFVL), (SST), (ISTB), (TBZ).
Top 5 Regional Bank Companies To Buy For 2015: Premier Exhibitions Inc.(PRXI)
Premier Exhibitions, Inc. provides museum quality touring exhibitions worldwide. It develops, deploys, and operates exhibition products; sells apparel, posters, and Titanic-related jewelry; publishes exhibition catalogs; and provides ancillary services, such as audio tours and photographs for public in the exhibition centers, museums, and non-traditional venues. The company operates and promotes various exhibitions, including Bodies Revealed and Bodies, The Exhibition, that display multiple human anatomy sets, which contain a collection of whole human body specimens, single human organs, and body parts; Titanic, the artifact exhibition, which features the artifacts recovered from the wreck site; and Dialog in the Dark that is intended to provide insight and experience to the paradox of learning to see without the use of sight. Premier Exhibitions, Inc. was founded in 1987 and is based in Atlanta, Georgia.
Advisors' Opinion:- [By Monica Gerson]
Premier Exhibitions (NASDAQ: PRXI) is projected to post its Q2 earnings.
Helen of Troy (NASDAQ: HELE) is estimated to post its Q2 earnings at $0.72 per share on revenue of $292.15 million.
Top 5 Regional Bank Companies To Buy For 2015: Gruppa LSR OAO (LSRG)
Gruppa LSR OAO (LSR Group OJSC) is a Russia-based company involved in the real estate development and construction. It is also engaged in the production of various building materials, such as ceramic bricks, crushed granite, concrete and reinforced concrete products, ready-mix concrete and aerated concrete segments. The Company�� services comprise the development of residential, office and commercial buildings, as well as tower cranes and hoisting machinery services for use in real estate construction. It is also involved in the investment operations. Gruppa LSR OAO acts as a general and sub-contractor for the Russian Federation Government, Saint Petersburg Government, and as a general and sub-contractor for other developers, among pile-driving services. The Company operates through numerous subsidiaries located domestically, as well as one representative office in Moscow. In December 2013, it acquired a 100 % stake in OOO Gazstroy, an owner of Ryabovsky brick plant. Advisors' Opinion:- [By Zahra Hankir]
Russian stocks declined to the lowest level in a month as builder LSR Group (LSRG) and power company OAO Inter RAO UES dropped after MSCI Inc. cut them from an index tracked by investors. The Borsa Istanbul National 100 Index tumbled 2.5 percent, the most in two months, as Turkiye Garanti Bankasi AS led losses in lenders. Benchmark gauges in the Czech Republic and Poland retreated at least 0.7 percent.
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