Conn's (CONN -0.3%) announces a settlement with the SEC over an investigation into the company’s underwriting policies and bad debt provisions from July 31, 2012 to July 31, 2014.
In connection with the settlement process, the SEC today filed a civil complaint and agreed judgment against the company and a former officer in the U.S. District Court for the Southern District of Texas.
Conn's consented to the entry of a final judgment pursuant to which it will pay a civil monetary penalty of $1.1M to the SEC without admitting any guilt.
There will be no current period financial impact on earnings, as an accrual for this amount was previously established and expensed.
Source: Press Release
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