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Bank of Cyprus Fined for Greek Bond Buys
[An Nahar] Bank of Cyprus and six former executives were fined by the Securities and Exchange Commission on Friday for failing to inform shareholders over the risk of its Greek bond purchases.

The island's largest lender was fined 160,000 euros ($218,000) for non-disclosure on its high-risk junk-rated Greek bond buys to the tune of 2.4 billion euros in 2010. This compared to the bank's equity capital of 2.5 billion at the time.
Boy howdy, that'll teach 'em...
The SEC said the bank had a duty to inform investors to ensure transparency while non-disclosure "deprives the investor public of information which they have a right to know."

It said that the bank's management had given the impression that it had off-loaded toxic Greek bonds when in fact it had invested heavily in them.

Ex-CEO Andreas Eliades and former executive director Yiannis Kypri received fines of 140,000 euros and 120,000 euros, respectively, for being "negligent" in their duty to protect shareholders.
That's walking around money for both of them...
Four ex-members of the bank's asset liability committee were fined 10,000 euros each.
...and that's lunch...
Cypriot banks lost a total of 4.5 billion euros in the Greek bond haircut, which forced the cash-strapped government to seek EU financial aid as it could not financially rescue them.

In March, Cyprus agreed a 10 billion euro ($13.3 billion) rescue package negotiated with the European Commission, European Central Bank and International Monetary Fund to bail out its troubled economy and oversized banking system.
Posted by: Fred 2013-10-07
http://www.rantburg.com/poparticle.php?ID=377234