that the backdating of these transactions was inappropriate for all six thrifts. For one thrift, the OTS Senior Deputy Director directed the regional office to instruct the holding company to contribute capital and backdate the transaction. For another thrift, IndyMac, an OTS regional director authorized the backdating of the transaction. For a third thrift, OTS objected to backdating the transaction, informed the thrift management not to backdate the transaction, but the thrift proceeded to backdate it anyway. However, in this case, and in the case of two other thrifts where OTS became aware of the backdating after the fact, OTS allowed the backdating to remain. For one of these two other thrifts, OTS did not become aware of the backdating until after the period for amending the thrifts financial reporting had closed. For the sixth thrift that backdated a transaction, when OTS became aware of the backdating it directed the thrift to reverse the transaction.”
Treasury OIG: OTS Involvement With Backdated Capital Contributions by Thrifts
that the backdating of these transactions was inappropriate for all six thrifts. For one thrift, the OTS Senior Deputy Director directed the regional office to instruct the holding company to contribute capital and backdate the transaction. For another thrift, IndyMac, an OTS regional director authorized the backdating of the transaction. For a third thrift, OTS objected to backdating the transaction, informed the thrift management not to backdate the transaction, but the thrift proceeded to backdate it anyway. However, in this case, and in the case of two other thrifts where OTS became aware of the backdating after the fact, OTS allowed the backdating to remain. For one of these two other thrifts, OTS did not become aware of the backdating until after the period for amending the thrifts financial reporting had closed. For the sixth thrift that backdated a transaction, when OTS became aware of the backdating it directed the thrift to reverse the transaction.”
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