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[¶11,120] In the Matter of Paul P. Jensen, State Bank of Springfield, Springfield, Minnesota, Docket No. FDIC-93-240e (1-19-95).
Respondent prohibited from participating in the conduct of affairs of, or exercising voting rights in, any insured institution without the prior consent of the FDIC.
[.1] Prohibition—Participation in Conduct of Affairs
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[.2] Prohibition—Exercise of Voting Rights
In the Matter of
PAUL P. JENSEN,
individually, and as an
office, person participating
in the conduct of the affairs, and
institution-affiliated party of
STATE BANK OF SPRINGFIELD
SPRINGFIELD,MINNESOTA
(Insured State Nonmember Bank—in
Receivership)
ORDER OF PROHIBITION
FROM FURTHER PARTICIPATION
FDIC-93-240e
Paul P. Jensen ("Respondent"), has received a NOTICE OF INTENTION TO PROHIBIT FROM FURTHER PARTICIPATION; AND NOTICE OF ASSESSMENT OF CIVIL MONEY PENALTIES, FINDINGS OF FACT AND CONCLUSIONS OF LAW, ORDER TO PAY AND NOTICE OF HEARING ("NOTICE") issued by the Federal Deposit Insurance Corporation ("FDIC") detailing the violations, unsafe or unsound banking practices, and/or breaches of fiduciary duty for which an ORDER OF PROHIBITION FROM FURTHER PARTICIPATION AND ORDER TO PAY may issue, and has been further advised of the right to a hearing on the alleged charges under sections 8(e) and 8(i) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. §§ 1818(e) and 1818(i), and the FDIC's Rules of Practice and Procedure, 12 C.F.R. Part 308. Having waived those rights, the Respondent entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF ANY ORDER OF PROHIBITION FROM FURTHER PARTICIPATION ("CONSENT AGREEMENT") with a representative of the Legal Division of the FDIC, whereby solely for the purpose of this proceeding and without admitting or denying any violations, unsafe or unsound banking practices, and/or any breaches of fiduciary duty, Respondent consented to the issuance of this ORDER by the FDIC.
The FDIC considered the matter and determined it had reason to believe that:
(a) The Respondent has engaged or participated in violations, unsafe or unsound banking practices, and/or breaches of fiduciary duty as an institution-affiliated party of the Bank;
(b) By reason of such violations, practices and/or breaches of fiduciary duty, the interests of the Bank's depositors have been prejudiced and/or Respondent received financial gain or other benefit; and
(c) Such violations, practices and/or breaches of fiduciary duty involve personal dishonesty on the part of the Respondent or demonstrate the Respondent's willful and/or continuing disregard for the safety or soundness of the Bank.
The FDIC further determined that such violations, practices and/or breaches of fiduciary duty demonstrate the Respondent's unfitness to serve as a director, officer, person participating in the conduct of the affairs or as an institution-affiliated party of the Bank, any other insured depository institution, or any other agency or organization enumerated in section 8(e)(7)(A) of the Act, 12 U.S.C. § 1818(e)(7)(A).
The FDIC, therefore, accepted the CONSENT AGREEMENT and issued the following:
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
[.1] 1. Paul P. Jensen is hereby, 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), prohibited from:
(a) participating in any manner in the conduct of the affairs of any financial institution or organization enumerated in section 8(e)(7)(A) of the Act, 12 U.S.C. § 1818(e)(7)(A);1
[.2] (b) soliciting, procuring, transferring, attempting to transfer, voting, or attempting to vote any proxy, consent or authorization with respect to any voting rights in any financial institution enumerated in section 8(e)(7)(A) of the Act, 12 U.S.C. § 1818(e)(7)(A);
(c) violating any voting agreement previously approved by the appropriate Federal banking agency; or
(d) voting for a director, or serving or acting as an institution-affiliated party.
2. This ORDER will become effective 10 days after its issuance. The provisions of this ORDER will remain effective and
1 Subsection (b)(8), as referenced in section 8(e)(7)(A)(ii), has been redesignated as subsection (b)(9).
{{3-31-95 p.C-3915}}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.
3. The NOTICE, as it pertains, and only as it pertains, to the assessment of civil money penalties against Paul P. Jensen, is hereby withdrawn.
Dated this 19th day of January, 1995.
Pursuant to delegated authority.
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