The Securities and Exchange Commission has settled charges against a former executive of UCBH Holdings, the parent of the failed United Commercial Bank in San Francisco.
Ebrahim Shabudin agreed to pay a $175,000 fine and to refrain from violating certain provisions of the Securities Act of 1934. He was also barred from serving as an officer or director of a public company, the SEC said Thursday.
In 2011, the SEC
Under the settlement, Shabudin neither admitted nor denied the allegations. The U.S. District Court for the Eighth District of California approved the settlement on Aug. 8, the SEC said.
The SEC also charged Craig On, UCBH's chief financial officer, with negligence in misleading the company's auditors. He settled those charges for $150,000 in 2011.
Shabudin's fine will be partly reduced by a penalty that he paid the FDIC in an similar administrative action, the SEC said.