Securities and Exchange Commission staff informed Banc of California Inc. that its investigation of the company was concluded and that an enforcement action against the company was not recommended, the Banc of California said in a Form 8-K filed Dec. 23.

The SEC's investigation was launched in January 2017 after allegations made by an anonymous blogger that several company senior executives and board members had ties with Jason Galanis, who had been charged with market manipulation and several counts of fraud.