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FDIC Enforcement Decisions and Orders

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{{1-31-97 p.TC-357}}
   [16,125] Docket No. FDIC-87-71k (10-29-96)

In the Matter of
JOSPEH A. DAZZIO, individually
and as director of
METROPOLITAN BANK &
TRUST COMPANY

BATON ROUGE, LOUISIANA
(Insured State Nonmember Bank—In
Receivership)
ORDER TERMINATING AN ORDER
TO CEASE AND DESIST

FDIC-87-71k

ORDER

   The United States Court of Appeals for the Fifth Circuit ("Court of Appeals") issued a decision and order in Dazzio v. FDIC remanding the case to the Board of Directors (the "Board") of the Federal Deposit Insurance Corporation ("FDIC") for further proceedings regarding the amount of the civil money penalty to be assessed against Dr. Joseph A. Dazzio ("Respondent") for violations of section 22(h) of the Federal Reserve Act, 12 U.S.C. § 375(b), and its implementing regulations.
   The Board has reviewed the directive of the Court of Appeals, the history of this case, and evaluated the anticipated expenditure of time and money necessary to establish Respondent's ability to pay a substantial civil money penalty for the violations of law found by the Board and affirmed by the Court of Appeals. In light of the ruling of the Court of Appeals regarding the burden of proving Respondent's financial condition, and thus, his ability to pay a substantial civil money penalty, the Board has determined that, on balance, the cost of a new hearing outweighs the benefit likely to be achieved. A further proceeding unlikely to result in a substantial civil money penalty is not an effective use of the FDIC's resources.
   Accordingly, having considered the entire record, the Board hereby terminates the proceeding in the above referenced matter.
   By direction of the Board of Directors.
   Dated at Washington, D.C., this 29th day of October, 1996.

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