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.