Los Alamos National Bank

The U.S. Securities and Exchange Commission has announced that Trinity Capital Corporation and its wholly-owned subsidiary, Los Alamos National Bank, both based in Los Alamos, New Mexico, have agreed to pay $1.5 million to settle accounting fraud charges. A complaint filed in Federal District Court by the Commission charged that Trinity materially misstated its provision for loan losses and its allowance for loan and lease losses in its quarterly and annual filings with the Commission during 2010, 2011, and the first two quarters of 2012. Specifically, Trinity understated its reported 2011 net loss to common shareholders by $30.5 million, reporting income of $4.9 million instead of a $25.6 million loss. Five current or former executives were also charged in the case.

SEC Press Release: http://www.sec.gov/news/pressrelease/2015-215.html

SEC Complaint: http://www.sec.gov/litigation/complaints/2015/comp-pr2015-215.pdf