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


{{09-30-05 p.12427.1}}

[12,427] In the Matter of J. Donald Weand, Jr., Connecticut Bank of Commerce, Stamford, Connecticut, Docket No. 02-158e (7-8-05).

Respondent is prohibited from participating in the conduct of affairs of, or exercising voting rights in, any insured institution without the prior written approval of the FDIC.

[.1] Prohibition, Removal, or Suspension—Prohibition From—Participation in Conduct of Affairs

[.2] Prohibition, Removal, or Suspension—Prohibition From—Voting Rights, exercise of

In the Matter of
J. DONALD WEAND, JR.,
individually and as a former institution-affiliated party of
CONNECTICUT BANK OF COMMERCE
STAMFORD, CONNECTICUT
(Insured State Nonmember Bank—In Receivership)
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION

FDIC-02-158e

J. Donald Weand, Jr. ("Respondent") has received a NOTICE OF INTENTION TO PROHIBIT FROM FURTHER PARTICIPATION ("NOTICE") issued by the Federal Deposit Insurance Corporation ("FDIC") detailing the violations of an order to cease and desist, violation of a condition imposed in writing by the FDIC in connection with the grant of an application by Connecticut Bank of Commerce, Stamford, Connecticut ("Bank"), violations of law and regulations, unsafe or unsound practices, and breaches of fiduciary duty for which an ORDER OF
{{09-30-05 p.12428.1}}

PROHIBITION FROM FURTHER PARTICIPATION ("ORDER") may be issued, and has been advised of his right to a hearing on those charges under section 8(e) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. §1818(e), and the FDIC Rules of Practice and Procedure, 12 C.F.R. Part 308. Having waived his right to a hearing, 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, whereby solely for the purpose of this proceeding and without admitting or denying any violations, unsafe or unsound practices, or breaches of fiduciary duty, Respondent consented to the issuance of an ORDER by the FDIC.

The FDIC considered the matter and determined it had reason to believe that:

    (a) Respondent, as an institution-affiliated party of the Bank, has engaged or participated in violations of a cease and desist order, violation of a condition imposed in writing by the FDIC in connection with the grant of an application by the Bank, violations of law and regulations, unsafe or unsound practices, and breaches of his fiduciary duties;

    (b) By reason of such violations, practices, and breaches of fiduciary duty, the Bank has suffered financial loss and other damage, the interests of the Bank's depositors have been prejudiced, and Respondent has received financial gain or other benefit; and

    (c) Such violations, practices, and breaches of fiduciary duty involve personal dishonesty on the part of Respondent and demonstrate Respondent's willful and continuing disregard for the safety or soundness of the Bank.

The FDIC further determined that such violations, practices, and breaches of fiduciary duty demonstrate Respondent's unfitness to serve as a director, officer, person participating in the conduct of the affairs, or as an institution-affiliated party of any 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, accepts the CONSENT AGREEMENT and issues the following:

ORDER OF PROHIBITION FROM FURTHER PARTICIPATION

1. J. Donald Weand, Jr., is hereby prohibited from:

[.1] (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);

[.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, 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).

2. This ORDER will become effective immediately upon its issuance by the FDIC. The provisions of this ORDER will 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 this 8th day of July, 2005.



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






Last Updated 11/10/2005 legal@fdic.gov