First BanCorp exec shakeup pounds stock

This company does a lot of mortgage business in the Virgin Islands, from the AP:

OCT. 3 12:47 P.M. ET The already scandal-plagued Puerto Rican financial services industry was rocked further Monday after First BanCorp said both its chief executive and chief financial officer stepped down amid an accounting investigation.

The company -- which operates about 40 branches in Puerto Rico and a dozen in the U.S. and British Virgin Islands -- said Angel Alvarez Perez resigned as CEO, and will retire as chairman at the end of the year. Additionally, the company said that Annie Astor-Carbonell resigned as CFO, and will leave on Oct. 31.

The management shuffle follows similar moves taken by Puerto Rico-based mortgage banker Doral Financial Corp. and R&G Financial Corp. The Securities and Exchange Commission is examining accounting practices at all three financial firms, who also continue to share PricewaterhouseCoopers as their accountant.

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