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Restatements of the Law

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Greater Atlantic: Accounting Errors at Mortgage Unit Lead to Income Restatement HW+

Jan 02, 2007By

Greater Atlantic Financial Corp., the holding company for Greater Atlantic Bank, announced late last week that it intends to file a Form 8-K with the SEC advising of non-reliance on previously issued financial statements. The company said that the restatement is a result of losses totalling approximately $1.4 million, discovered in the company’s previously-reported investigation into an unreconciled inter-company account at Greater Atlantic Mortgage Corporation. Greater Atlantic will restate its financial results for the quarterly periods ended December 31, 2005 and March 31, 2006 and for the years ended September 30, 2004 and 2005.

3d rendering of a row of luxury townhouses along a street

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