Glen Wakeman, former chief executive of the now-defunct Doral Financial in Puerto Rico, quickly landed on his feet.
Wakeman has become a managing partner at Nova Four, according to his LinkedIn profile. His profile states that he joined the firm this month; the post is located in the south Florida area.
Efforts to reach Wakeman for more information about Nova Four and his role at the company were unsuccessful.
Wakeman's tenure at Doral was rocky. He became chief executive in August 2006 amidst high turnover among the executive team and accounting problems tied to interest-only securities that forced the company restated several years of financial results. The Securities and Exchange Commission fined the company $25 million in 2006 after determining that it had overstated its income by roughly $921 million from 2000 to 2004.
Wakeman also oversaw a last-minute recapitalization from a group of private-equity investors in 2007 that saved Doral. That deal was completed just a day before $625 million in senior bonds matured.
Still, Doral's problems persisted. The $5.9 billion-asset company lost nearly $950 million over the last seven years, according to its call reports with the Federal Deposit Insurance Corp. Because the restated earnings cut into profits, the company claimed it had overpaid its taxes.
Doral and Puerto Rico's Treasury Department reached an agreement in 2012 to reclassify $230 million in overpaid taxes as a prepaid tax asset. But the FDIC determined last year that the company could no longer count the funds toward its Tier 1 capital and Puerto Rico voided the agreement.
Doral failed in February at a cost of $749 million to the FDIC. It was the biggest bank to be closed since the $11 billion-asset Westernbank in Puerto Rico was shuttered in April 2010.
Before joining Doral, Wakeman led General Electric's finance unit in Latin America.
