Each depositor insured to at least $250,000 per insured bank



Home > Regulation & Examinations > Bank Examinations > FDIC Enforcement Decisions and Orders




FDIC Enforcement Decisions and Orders

ED&O Home | Search Form | Text Search | ED&O Help



{{6-30-91 p.C-981}}
   [10,219] In the Matter of Benedict R. Moser, Docket No. FDIC-91-77e (4-11-91).

   Respondent prohibited from further participation in conduct of affairs of, or exercising voting rights in, Bank or any insured institution without prior consent of FDIC.

   [.1] Prohibition—Service as Institution-Affiliated Party
   [.2] Prohibition—Participation in Conduct of Affairs
   [.3] Prohibition—Exercise of Voting Rights

In the Matter of
BENEDICT R. MOSER, individually,
and as director and participant in
the conduct of the affairs of
NEW ENGLAND BANK AND TRUST
COMPANY

WINDSOR, CONNECTICUT
(Insured State Nonmember Bank)
ORDER OF PROHIBITION FROM
FURTHER PARTICIPATION

   Benedict R. Moser ("Respondent"), having been advised of his right to a NOTICE OF INTENTION TO PROHIBIT FROM FURTHER PARTICIPATION ("NOTICE") issued by the Federal Deposit Insurance Corporation ("FDIC") under section 8(e)(4) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(e)(4)(1989), detailing the violations of law and/or regulation, the unsafe or unsound banking practices, and/or the breaches of fiduciary duty by reason of which New England Bank and trust, Windsor, Connecticut ("Bank"), has suffered or will probably suffer substantial financial loss or other damage, and/or that the interests of depositors have been or could be seriously prejudiced and/or that Respondent has received financial gain or other benefit; and which demonstrate that such violations, practices, or breaches evidence Respondent's personal dishonesty and/or willful and/or continuing disregard for the safety and soundness of the Bank. Having been further advised of his right to a hearing on the alleged charges under section 8(e) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(e), and Part 308 of the {{6-30-91 p.C-982}}FDIC's Rules of Practice and Procedures, 12 C.F.R. Part 308, and having waived those rights, Respondent entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF AN ORDER OF PROHIBITION FROM FURTHER PARTICIPATION ("CONSENT AGREEMENT") with a representative of the Legal Division of the FDIC, dated February 18, 1991, whereby solely for the purpose of this proceeding and without admitting any violations of law and/ or regulation, any acts of personal dishonesty, any unsafe or unsound banking practices, or any breaches of fiduciary duty, Respondent consented to the issuance of an ORDER OF PROHIBITION FROM FURTHER PARTICIPATION ("ORDER") by the FDIC.
   The FDIC considered the matter and determined it had reason to believe that:

       (i) Respondent has engaged or participated in violations of law and/or regulation, unsafe or unsound banking practices, and/or breaches of fiduciary duty in his capacity as a director and/or participant in the conduct of the affairs of the Bank;
       (ii) By reason of such violations, practices and/or breaches of fiduciary duty, the Bank has suffered or will probably suffer substantial financial loss or other damage, the interests of the bank's depositors have been or could be seriously prejudiced and/or Respondent received financial gain or other benefit; and
       (iii) Such violations, practices and/or breaches of fiduciary duty involved personal dishonesty on the part of Respondent or demonstrate Respondent's willful and/or continuing disregard for the safety or soundness of the Bank, and further evidenced Respondent's unfitness to serve as an institution-affiliated party or person participating in the conduct of the affairs of the Bank or any other insured depository institution, or agency or organization enumerated in section 8(e)(7) of the Act, 12 U.S.C. § 1818(e)(7)(1989).
The FDIC, therefore, accepted the CONSENT AGREEMENT and issued the following:

ORDER OF PROHIBITION FROM
FURTHER PARTICIPATION

   [.1] 1. Benedict R. Moser is hereby prohibited from serving or acting as an institution-affiliated party, as that term is defined in section 1813(u) of the Act, 12 U.S.C. § 1818(u)(1989), of New England Bank and Trust Company, Windsor, Connecticut, without the prior written approval of the FDIC.

   [.2] 2. Benedict R. Moser is hereby prohibited from serving or acting as an institution-affiliated party, as that term is defined in section 1813(u) of the Act, 12 U.S.C. § 1818(u) (1989), and/or from participating in any manner in the conduct of the affairs of any of the institutions or agencies listed herein without the prior written consent of the FDIC and the appropriate Federal financial institutions regulatory agency, as that term is defined in section 8(e)(7)(D) of the Act, 12 U.S.C. § 1818(e)(7)(D):

       (i) Any insured depository institution;
       (ii) Any institution treated as an insured bank under sections 8(b)(3) and 8(b)(4) of the Act, 12 U.S.C. §§ 1818(b)(3) and 18181(b)(4), including (1) any bank holding company, (2) any subsidiary of a bank holding company, (3) any foreign bank that maintains a branch or agency in a State, (4) any foreign bank or foreign company controlling a foreign bank that controls a commercial lending company organized under State law, and any company of which any foreign bank or company referred to in (3) and (4) above is a subsidiary, or as a savings association under section 8(b)(8) of the Act, 12 U.S.C. § 1818(b)(8), including any savings and loan holding company, any subsidiary of a savings and loan holding company, any service corporation of a savings association, and any subsidiary of a service corporation of a savings association;
       (iii) Any insured credit union under the Federal Credit Union Act, 12 U.S.C. § 1781 et seq.;
       (iv) Any institution chartered under the Farm Credit Act of 1971, 12 U.S.C. § 2001 et seq.;
       (v) Any appropriate Federal depository institution regulatory agency;
       (vi) The Federal Housing Finance Board and any Federal home loan bank; and
       (vii) The Resolution Trust Corporation.
{{12-31-91 p.C-983}}

   [.3] 3. Benedict R. Moser is hereby prohibited from voting for a director, or soliciting, procuring, transferring, attempting to transfer, voting, or attempting to vote any proxy, consent, or authorization with respect to any voting rights in the Bank or any other institution described in paragraph 2 hereof, without the prior approval of the FDIC and the appropriate Federal financial institutions regulatory agency, as that term is defined in section 8(e)(7)(D) of the Act, 12 U.S.C. § 1818(e)(7)(D).
   4. Benedict R. Moser is hereby prohibited from violating any voting agreement previously approved by the appropriate Federal banking agency, without the prior written approval of the FDIC and the appropriate Federal financial institutions regulatory agency as that term is defined in section 8(e)(7)(D) of the Act, 12 U.S.C. §1818(e)(7)(D).
   This ORDER shall become effective ten (10) days from the date of its issuance.
   The provisions of this ORDER shall remain effective and enforceable except to the extent that, and until such time as, any provision of this ORDER shall have been modified, terminated, suspended, or set aside by the FDIC.
   Pursuant to delegated authority.
   Dated at Washington, D.C. this 11th day of April, 1991.

ED&O Home | Search Form | Text Search | ED&O Help

Last Updated 6/6/2003 legal@fdic.gov