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ENFORCEMENT ACTIONS.


The Federal Reserve Board
Federal Reserve Board (FRB)
The seven-member governing body of the Federal Reserve System, which is responsible for setting reserve requirements, and the discount rate, and making other key economic decisions.
 on January 19, 2000, announced the issuance of an order of assessment of a civil money penalty against Charles A. Drummond, a former president, chief executive officer and director, and an institution-affiliated party of the Professional Bank, Denver, Colorado.

Mr. Drummond, without admitting to any allegations, consented to the issuance of the order for his alleged violations of sections 23A, 23B, and 22(h) of the Federal Reserve Act, 12 U.S.C. [subsections] 371c, 371c-1, and 375b, and Regulation O, 12 C.F.R. Part 215, in connection with insider and affiliate transactions at the bank. Mr. Drummond paid a fine of $10,000.

The Federal Reserve Board on January 19, 2000, announced the issuance of a consent order against Solomon King, an institution-affiliated party of the First Western Bank, Cooper City, Florida, a state member bank
Member bank
A national- or state-chartered bank that is a member of the Federal Reserve System.
.

Mr. King, without admitting to any allegations, consented to the order to resolve allegations that he violated the Change in Bank Control Act in connection with his acquisition of beneficial ownership of the shares of the bank.

The Federal Reserve Board on January 19, 2000, announced the issuance of an order of prohibition against Christopher J. Woods, a former assistant vice president and institution-affiliated party of the Midwest Bank and Trust Company, Elmwood Park, Illinois.

Mr. Woods, without admitting to any allegations, consented to the issuance of the order due to his alleged participation in violations of law and unsafe or unsound practices regarding misapplication of bank funds and falsification
retrospective falsification  unconscious distortion of past experiences to conform to present emotional needs.


fal·si·fi·ca·tion (fôls-f
 of the bank's books and records.
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No portion of this article can be reproduced without the express written permission from the copyright holder.
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Publication:Federal Reserve Bulletin
Geographic Code:1USA
Date:Mar 1, 2000
Words:258
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