Large Florida landowner settles with regulators in case involving land valuations

The St. Joe Company and former executives have agreed to pay civil penalties as part of a settlement with the U.S. Securities and Exchange Commission in a case stemming from the downturn in the real estate market.

The SEC accused the company, the largest landowner in northwest Florida, with improperly accounting for the declining value of its residential real estate developments during the financial crisis. As a result, St. Joe (NYSE: JOE) materially overstated earnings and assets in 2009 and 2010,… …read more