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Ex-Anchor Bank CFO to pay fine to settle fraud allegations

Bankruptcy
Bankruptcy

MADISON, WI (WTAQ) - A former chief financial officer of Madison’s Anchor Bank will pay a $75,000 penalty, to settle federal fraud allegations.

The U.S. Securities and Exchange Commission filed a civil suit against Dale Ringgenberg on Wednesday, two days after the bank’s parent company filed for bankruptcy protection.

The SEC said Ringgenberg and Anchor Bank either intentionally or recklessly under-reported losses from bad loans in 2009, during the height of the Great Recession. The bank itself will not pay a penalty.

Under the settlement, Ringgenberg and the bank do not have to admit or deny wrongdoing.

Ringgenberg will not be able to serve as an officer or a director of a public company for the next five years. 

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