Fulton Financial Corporation has reported an expected $32 million loss from fraud at an unidentified commercial borrower during the second quarter.
It is not clear which of its six Fulton Banks made the loan, but the loss was reported in a filing to the Securities and Exchange Commission.
The filing notes that the loss ““resulted from fraudulent activities believed to be perpetrated by one or more employees of the borrower and its related entities.”
Selling of shares of Fulton Financial Corporation on the NASDAQ was paused Thursday.
However, trading has resumed Friday, with shares dropping from as high as $17.70 Thursday afternoon to opening at $17.00 Friday morning.
You can read the filing to the SEC below:
