NEW YORK, June 14, 2014 /PRNewswire/ --Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at The Bancorp Inc. ("Bancorp" or the "Company") (NASDAQ: TBBK).
On June 10, 2014, the Company issued a Form 8-K with the SEC revealing that its subsidiary The Bancorp Bank "entered into a Stipulation and Consent to the Issuance of a Consent Order (the "Order") with the Federal Deposit Insurance Corporation (the "FDIC") which became effective on June 5, 2014. The Bank took this action without admitting or denying any charges of unsafe or unsound banking practices or violations of law or regulation relating to weaknesses in the Bank's Bank Secrecy Act ("BSA") Compliance Program.
"The Order requires the Bank to take certain affirmative actions to comply with its BSA obligations, among them: appoint a qualified BSA/OFAC officer; revise the written BSA Compliance Program; develop and implement additional policies and procedures for suspicious activity monitoring and reporting; review and enhance customer due diligence and risk assessment processes; review past account activity to determine whether suspicious activity was properly identified and reported; strengthen internal controls, including augmenting Board oversight regarding BSA activities; establish an independent testing program and develop policies and procedures to govern staffing and training for BSA compliance."
Following this news, the Company's shares dropped $4.66, or over 28%, to close at $11.54 on June 11, 2014.
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If you invested in Bancorp stock or options prior to June 11, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/TBBK. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Bancorp's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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