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FDIC Enforcement Decisions and Orders |
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Director and officer prohibited from participation in the affairs, of, and the exercising of any voting rights in, any insured bank.
[.1] Prohibition, Removal, or SuspensionNotice of Intention to Prohibit Failure to Answer
[.2] Prohibition, Removal, or SuspensionParticipation in Affairs of Any Insured Bank
In the Matter of ***, individually, and as
I. Procedural History
The Federal Deposit Insurance Corporation ("FDIC") initiated this proceeding pursuant to Section 8(e) of the Federal Deposit Insurance Act ("the Act"), 12 U.S.C. §1818(e), and the FDIC Rules of Practice and Procedures (12 C.F.R. Part 308), ("FDIC Rules") to prohibit *** ("Respondent"), individually and in his capacity as president, director, and a participant in the affairs of *** Bank & Trust Co., *** ("Bank"), from further participation in the conduct of the affairs of the Bank or any other bank insured by the FDIC without its prior written consent.
II. Discussion
[.1] Section 308.06(a) of the FDIC Rules provides:
In light of Respondent's failure to file an answer, the Board of Directors of the Federal Deposit Insurance Corporation adopts and incorporates by reference herein the Recommended Order of Default issued by the ALJ, finding the facts to be as alleged in the Notice of Intention to Prohibit From Further Participation and adopting the conclusions contained therein.
ORDER OF PROHIBITION FROM
The Board, having reviewed the record in this proceeding, including the ALJ's Recommended Order of Default, finds the facts to be as alleged in the Notice of Intention to Prohibit From Further Participation. NOW, THEREFORE, IT IS HEREBY ORDERED, that:
[.2] 1. *** is prohibited from participation in any manner in the conduct of the business and affairs of any bank insured by the FDIC without the prior written approval of the appropriate federal banking agency, as that term is defined in Section 3(q) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. §1813(q);
[.3] 2. *** shall not, directly or indirectly, solicit or procure or transfer or attempt to transfer, or vote or attempt to vote, proxies, consents, or authorizations in respect to any voting rights in any bank insured by the FDIC without the prior written approval of the appropriate federal banking agency, as that term is defined in Section 3(q) of the Act, 12 U.S.C. §1813(q);
In the Matter of ***, individually and as
The Federal Deposit Insurance Corporation ("FDIC"), having filed its Motion for Recommended Order of Default pursuant to section 308.06(d) of the FDIC Rules and Regulations, 12 C.F.R. §308.06(d), and the Administrative Law Judge being fully advised in this matter and having considered the failure of *** ("Respondent") to file a timely Answer to the Notice of Intention to Prohibit From Further Participation ("Notice") as required by section 308.06(a) of said Rules, hereby ORDERS as follows: |
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Last Updated 6/6/2003 | legal@fdic.gov |
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