In February 1993, the Securities and Exchange Commission charged that the company, while fraudulently reporting a profit of $13 million ($25,000,000 in current dollar terms) for the four years ended June 30, 1991, actually lost $137 million ($260,000,000 in current dollar terms).[1][15][3] In March 1993, Towers Financial filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code.[16][12]