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BOBERSKI BARRED UNDER CONSENT ORDER; TO PAY $525,000 RESTITUTION, PENALTY

 BOBERSKI BARRED UNDER CONSENT ORDER;
 TO PAY $525,000 RESTITUTION, PENALTY
 WASHINGTON, Aug. 5 /PRNewswire/ -- Irving V. Boberski, former president and chairman of Avondale Federal Savings Bank, Chicago, has been permanently barred from the banking industry under a consent order issued by the Office of Thrift Supervision (OTS).
 Boberski must also make restitution to Avondale of $300,000 and pay a civil money penalty of $225,000 under the orders to which he stipulated and consented without admitting guilt.
 Boberski was suspended from the positions of president and chairman of Avondale by OTS on June 17, 1992, and was terminated as president a week later by the institution's directors.
 The consent order removes and prohibits him from serving as a director of Avondale and prohibits him from holding any office in a federally insured financial institution or participating in any manner in the conduct of such institutions.
 He will be permitted to provide investment counseling services to financial institutions other than Avondale as long as his services are only advisory in nature and do not involve access or control over the funds or securities of any financial institution. However, Boberski's actions as an investment counselor may not be performed in any manner that would result in his being an institution-affiliated party.
 Of the $300,000 restitution, OTS said Boberski will be credited $50,000 for personal property returned and restitution made to the thrift during the time OTS' formal investigation of his activities was pending.
 Boberski must seek his wife's resignation from the board of Lake Forest Open Lands Association (LFOLA) and must request LFOLA to remove all references to the name "Boberski Park" from any signs or plaques on the property Boberski caused Avondale to donate to the LFOLA. Boberski must pay the costs incurred by LFOLA in removing all references to the name "Boberski Park" as well as the costs of signs or plaques associated with any renaming of the park.
 In addition, Avondale has agreed to pay OTS' investigation and litigation costs of approximately $113,900 out of funds received from Boberski's restitution.
 -0- 8/5/92
 /CONTACT: Thomas P. Mason of the Office of Thrift Supervision, 202-906-6677/ CO: Office of Thrift Supervision; Avondale Federal Savings Bank ST: Illinois, District of Columbia IN: FIN SU:


DC -- DC021 -- 7197 08/05/92 15:10 EDT
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Publication:PR Newswire
Date:Aug 5, 1992
Words:387
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