FDIC files civil suit against directors of failed bank
Northwestern Financial Review, Dec 15-Dec 31, 2002
[national summary]
The Federal Deposit Insurance Corp., is seeking civil money penalties totaling $5.25 million against a group of former officers and directors of Connecticut Bank of Commerce, Stamford. CBC was closed in June. The agency alleges, among other things, that Chairman of the Board Randolph W. Lenz and former President and CEO J. Donald Weand orchestrated certain loan schemes, the proceeds of which were used to make a capital injection, refinance non-performing loans, keep loans current or pay them off, and improperly provide funds to Lenz. In addition to civil penalties, the FDIC seeks orders prohibiting Lenz and Weand from participating in the banking industry, and requiring restitution by Lenz and Weand in the amount of $34 million.
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