The Federal Reserve Board on March 26, 2001, announced that a public administrative hearing would commence on April 2, 2001, in connection with an enforcement action against Oren L. Benton, the former sole shareholder and a director of The Professional Bank, a former state member bank, and Edward D. Scott, a former executive vice president and director of the bank.
The hearing was scheduled to be held before an administrative law judge to determine whether Messrs. Benton and Scott should be permanently barred from the banking industry and whether the Board should assess a fine of $1.25 million against Mr. Benton and a fine of $75,000 against Mr. Scott.
The notice alleges that Messrs. Benton and Scott violated laws and regulations, engaged in unsafe or unsound banking practices, and breached their fiduciary duty to the bank when they caused the bank to violate section 23A of the Federal Reserve Act and the Board's Regulation O.
The Federal Reserve Board on March 16, 2001, announced the execution of a written agreement by and between USABancShares.com, Inc., Philadelphia, Pennsylvania, and the Federal Reserve Bank of Philadelphia.
The Federal Reserve Board announced on March 14, 2001, the issuance of a final decision and order dismissing an enforcement action brought against Guillaume Henri Andre Fonkenell, a former institution-affiliated party of Bankers Trust Company, New York, New York.
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|Title Annotation:||Federal Reserve Board|
|Publication:||Federal Reserve Bulletin|
|Article Type:||Brief Article|
|Date:||May 1, 2001|
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