It would appear that Greensboro's Newbridge Bank violated the Sarbanes–Oxley Act, also known as the Corporate and Auditing Accountability and Responsibility Act, when the bank failed to notify stockholders that the $1.2 Million Dollar loan on Greensboro Mayor Robbie Perkins' home, held by Newbridge Bank, was placed in receivership before Mayor Perkins resigned his position as a director on the board of Newbridge Bank.
It also appears that Mayor Perkins was complicit in this matter.
SEC Form 8K Perkin's Resignation.
