13D Filing: Stilwell Joseph and Provident Financial Holdings, Inc. (PROV)

On March 16, 2015,
Stilwell Value LLC (“Value”) and Joseph Stilwell consented to the entry of an administrative SEC order (the “Order”)
that, among other things, alleged civil violations of the Investment Advisers Act of 1940 and certain rules promulgated thereunder
for failing to adequately disclose conflicts of interest presented by certain inter-fund loans. No investor suffered monetary loss
from the alleged conduct. The Order: (1) required Value and Joseph Stilwell to cease and desist from committing future violations;
(2) suspended Joseph Stilwell from association with any broker, dealer, investment adviser, or certain other regulated organizations
for a period of twelve months from entry and imposed upon him a $100,000 civil penalty; (3) censured Value and imposed upon it
the obligations to repay $239,157 in fees and to pay a $250,000 civil penalty; and (4) required Value to retain an independent
monitor for a period of three years from entry to review and assess the adequacy of certain of its policies, procedures, controls,
and disclosures. All penalty and repayment obligations set forth in the Order have been fully discharged.