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The St. Joe Co, the largest landowner in northwest Florida, has agreed to pay $2.75M in civil penalties as part of an SEC settlement after failing to properly account for declining property values during the financial crisis, the SEC says in a press release.
According to the court order, St. Joe—which trades publicly on the New York Stock Exchange—failed to disclose this info, overstating its 2009 and 2010 earnings and assets.
"St. Joe’s financial statements repeatedly failed to accurately reflect the declining value of its most important assets," SEC associate director Stephen L. Cohen says.
While St. Joe didn't admit or deny the SEC findings, the former execs have agreed to pay the $2.75M, smaller penalties and repay the money received wrongfully.
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