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FDIC Enforcement Decisions and Orders
Respondent agrees to pay civil money penalty assessed by the FDIC in the amount of $8,000.
In the Matter of
Peter M. Panagiotou ("Respondent") and a representative of
the Legal Division of the Federal Deposit Insurance Corporation
("FDIC") executed a STIPULATION AND CONSENT TO THE ISSUANCE OF AN
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION AND STIPULATION AND
CONSENT TO THE ISSUANCE OF AN ORDER TO PAY CIVIL MONEY PENALTY
("CONSENT AGREEMENT") dated February 27, 2006, whereby
Respondent, solely for the purpose of this proceeding and without
admitting or denying any violation of law for which civil money
penalties may be assessed, consented and agreed to pay a civil money
the amount specified below to the Treasury of the United States.
The FDIC considered the matter and determined it had reason to believe that Respondent:
(a) Committed a violation of law or regulation; or recklessly engaged in an unsafe or unsound practice in conducting the affairs of Westborough Savings Bank; or breached a fiduciary duty;
which violation, practice, or breach;
(b) Caused more than a minimal loss to Westborough Savings Bank; or resulted in a pecuniary gain or other benefit to the Respondent.
After taking into account the CONSENT AGREEMENT, the appropriateness of the penalty with respect to the financial resources and good faith of Respondent, the gravity of the violation by Respondent, the history of previous violations by Respondent, and such other matters as justice may require, the FDIC accepts the CONSENT AGREEMENT and issues the following:
ORDER TO PAY CIVIL MONEY PENALTY
IT IS HEREBY ORDERED, that a penalty of $8,000 be, and hereby is, assessed against Respondent, Peter M. Panagiotou. The Respondent shall pay the civil money penalty to the Treasury of the United States.
IT IS FURTHER ORDERED, that the Respondent is prohibited from seeking or accepting indemnification from any insured depository institution for the civil money penalty assessed and paid in this matter.
This Order to Pay Civil Money Penalty shall be effective upon issuance.
Pursuant to delegated authority.
Dated at Washington, D.C., this 21th day of April, 2006.
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