---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-019287"
form_type: "8-K"
ticker: "PBFS"
cik: "0001769663"
company_name: "Pioneer Bancorp, Inc./MD"
filed_at: "2023-11-21T23:59:59+00:00"
generated_at: "2026-06-07T22:46:15.024452+00:00"
event_type: "litigation"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Pioneer Bancorp settles malpractice suit; to receive $5.95M from TBC Parties

## Summary
- Settlement resolves claims of professional malpractice by Teal, Becker & Chiaramonte, CPAs, and individuals.
- TBC Parties agree to pay $5,950,000 to Pioneer Bank within 30 days of November 15, 2023.
- Upon receipt, Pioneer Bank will dismiss the underlying lawsuit with prejudice.
- Lawsuit alleged TBC issued clean audits that enabled fraud by Michael Mann against the Bank.

## SEC filing metadata
- accession: 0001558370-23-019287
- form_type: 8-K
- ticker: PBFS
- cik: 0001769663
- company_name: Pioneer Bancorp, Inc./MD
- filed_at: 2023-11-21T23:59:59+00:00
- event_type: litigation
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1769663/000155837023019287/0001558370-23-019287-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1769663/000155837023019287/pbfs-20231115x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-019287
- JSON: https://secwatch.observer/filing/0001558370-23-019287.json
- Plain text: https://secwatch.observer/filing/0001558370-23-019287.txt

## Key facts
- Material Agreements
  Pioneer Bancorp, Inc./MD entered into Settlement Agreement with Teal, Becker & Chiaramonte, CPAs, P.C., Mr. Pasquale M. Scisci and Mr. Vincent Commisso valued at $5,950,000 payment by TBC Parties to the Bank (effective 2023-11-15).
  - Action: entry
  - Agreement: settlement
  - Counterparty: Teal, Becker & Chiaramonte, CPAs, P.C., Mr. Pasquale M. Scisci and Mr. Vincent Commisso
  - Value: $5,950,000 payment by TBC Parties to the Bank
  - Effective: 2023-11-15
  source text: On November 15, 2023 (the “Effective Date”), the Bank, on the one hand, and the TBC Parties, on the other hand, entered into a settlement agreement (the “Settlement Agreement”), pursuant to which the parties agreed to resolve and settle all disputes and potential claims which exist or may exist among them, including without limitation those claims asserted in the Action, as more specifically set forth in, and subject to the terms and conditions of, the Settlement Agreement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1769663/000155837023019287/0001558370-23-019287-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.