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FDIC Enforcement Decisions and Orders

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{{12-31-92 p.C-2609}}
   [10,610A] In the Matter of Leonard R. Volpe, Jr., Brookfield Bank, Brookfield, Connecticut, Docket No. FDIC-92-168c&b (8-5-92).

   Respondent agrees to make restitution in the amount of $10,757.
In the Matter of
LEONARD R. VOLPE, JR.,
individually, and as President, and an
institution-affiliated party ofBrookfield
Bank
, Brookfield, Connecticut
(Insured State Nonmember Bank—In Receivership)
ORDER TO CEASE AND DESIST
FDIC-92-168c&b

   The Federal Deposit Insurance Corporation ("FDIC") on June 10, 1992, issued to Leonard R. Volpe, Jr. ("Respondent Volpe"), in his capacity as President and an institution-affiliated party of Brookfield Bank, Brookfield, Connecticut ("Bank"), and other institution-affiliated parties of the Bank, a NOTICE OF CHARGES AND OF HEARING ("NOTICE") under section 8(b)(1) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(b)(1). The NOTICE charged the Respondents with having engaged in unsafe or unsound banking practices and having violated certain laws and regulations.
   Respondent Volpe and counsel for the FDIC thereafter executed a STIPULATION AND CONSENT TO THE ISSUANCE OF AN ORDER TO CEASE AND DESIST ("CONSENT AGREEMENT"), dated August 5, 1992, whereby solely for the purpose of this proceeding and without admitting or denying any of the allegations in the NOTICE, Respondent Volpe consented to the issuance of an ORDER TO CEASE AND DESIST ("ORDER") by the FDIC.
   The FDIC considered the matter and determined that it had reason to believe that Respondent Volpe had engaged in unsafe or unsound banking practices and had vilated laws and/or regulations. The FDIC, therefore, accepted the CONSENT AGREEMENT and issued the following:

ORDER TO CEASE AND DESIST

   IT IS ORDERED that Respondent Volpe cease, desist and refrain from dissipating the assets of the Bank.
   IT IS FURTHER ORDERED that the Respondent Volpe take affirmative action as follows:

       (i) return the 1990 Buick Park Avenue to the possession and control of the FDIC
    {{12-31-92 p.C-2610}}as Receiver for Brookfield Bank, Brookfield, Connecticut, or, in the alternative,
       (ii) pay the FDIC as Receiver for Brookfield Bank, Brookfield, Connecticut $10,757.

   Such restitution shall be paid on or before August 14, 1992.
   This ORDER shall be effective upon its issuance.
   Pursuant to delegated authority.
   Dated at Needham, Massachusetts, this 5th day of August, 1992.

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