The unit of Lake Success-based Newtek Business Services Corp. that was raided by FBI agents last week announced Monday that a former U.S. Small Business Administration executive will review its operations.
Brent M. Ciurlino, who is being hired as a consultant, was the “primary regulatory and risk officer for the $105 billion SBA portfolio” while at the federal agency, banc-serv Partners LLC said in a news release. Banc-serv, based in Westfield, Indiana, structures and packages SBA loans.
The company said Ciurlino will review its practices to ensure they are “consistent with banc-serv values.”
On Thursday, FBI agents raided the offices of banc-serv and carried away documents. Banc-serv reopened for business after federal agents executed the search warrant.
A call Monday seeking comment from banc-serv was not immediately returned.
Officials of Newtek, a provider of loans, payment processing and payroll services to businesses, last week said they are cooperating with the investigation. An FBI spokeswoman declined to characterize the nature of the investigation.
Newtek acquired banc-serv for $5.4 million in June 2016.
Shares of Newtek fell 1.2 percent to close at $16.99 on Monday. The stock has risen more than 23 percent in the past 12 months.