The Securities and Exchange Commission yesterday charged five men who once controlled American Banc-shares Corp. and its subsidiary with defrauding stockholders and lying to the government in a series of financial moves between 1972 and 1976.

In a suit filed in U.S. District Court in Milwaukee, the SEC asked for repayment of $500,000 from two of the five men and an injunction against all of tthem barring them from future fraudulent practices.

The five, who were officers of American City Bank & Trust Co. and the holding company, are Harold Erickson, Raymond Callen, James Sullivan, Peter Wegmann and Francis Wilson.

Last week Callen, who was president of the bank, was sentenced to 60 days in jail and two years probation after pleading no contest to charges of misapplying $1.5 million of bank funds as a compensationg balance on a $3 million loan. The SEC also ordered hearings on charges that Goldmar Sachs & Co. and First National Bank of Chicago rigged securities trades for the bank four years ago.

The charges in the latest suit involve alleged efforts to hide the financial condition of the bank.

One charge alleges that when the bank was seeking additional capital on Dec.311. 1974. Callen and Wegmann persuaded seven junior bank officers to bay $250,000 of its stock. The SEC alleged that the men told the officers the stock was worth $10 a share when it was worthless.