Banc of California Accused of Engaging in Sham Accounting Practices

A former employee of Banc of California (NYSE: BANC) has sued the company for wrongful retaliation and has accused it of unlawful accounting practices, including improperly carrying over revenue generated in 2016 to inflate 2017 profits and misappropriating corporate funds to pay for strip clubs. Banc is further accused of publicly reporting that the company exceeded all metrics, while internally communicating that "the Board had decided that the company did not meet plan." Shares of Banc have declined since the filing of the complaint on December 7, 2017.