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New Revelations On Banc Of California 'Should Catalyze Immediate Regulatory Intervention'

New Revelations On Banc Of California 'Should Catalyze Immediate Regulatory Intervention'

Geo Investing thinks it is time for regulatory intervention in Banc of California Inc (NYSE: BANC) following the new revelations that it has been conducting an internal investigation on fraudster Jason Galanis for over a year.

Analyst Christopher Irons thinks the news confirms his view that regulatory intervention has shifted from unnecessary to an absolute necessity. There is no option for SEC but to interfere since the investigating law firm is the bank's client and represented before too.

Therefore, Geo Investing does not trust the company's investigation into the matter and is not ready to take Banc of California's word on the matter.

Related Link: D.A. Davidson Upgrades Banc Of California To Buy

The latest developments came on the back of a blogger writing an article on Seeking Alpha that alleged the company executives had painful ties with Galanis, who faced charges of pump and dump in 2015.

In a note to clients, Irons stated, "Statements made in Banc of California's 8-K exhibits filed with the Securities and Exchange Commission on October 19, 2016 should be scrutinized at length by regulators and investors considering new evidence that was presented on Thursday by blogger Aurelius. If regulators find these statements half as potentially deceiving as I do, they should step in with subpoena power and get to the bottom of exactly what is going on with the management of Banc of California."

At last check, Banc of California was down 1.03 percent at $13.51.

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Latest Ratings for BANC

Oct 2020Piper SandlerMaintainsOverweight
Apr 2020B. Riley FBRUpgradesSellNeutral
Mar 2020Wells FargoMaintainsOverweight

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