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[¶10,386] In the Matter of Louis N. Ianzito, Milford Savings Bank, Milford, Massachusetts, Docket No. FDIC-910284b (11-25-91).
Institution-affiliated party agrees to make restitution of $7,031.12 for unsafe or unsound banking practices.
In the Matter of
LOUIS N. IANZITO, individually,
and as Chairman of the Board of
Trustees and institution-affiliated party
of
MILFORD SAVINGS, MILFORD, MASSACHUSETTS
and
MILFORD SAVINGS BANK
MILFORD, MASSACHUSETTS
(Insured State Nonmember Bank in
Receivership)
ORDER TO CEASE AND DESIST
Louis N. Ianzito ("Respondent Ianzito"), having received a NOTICE OF CHARGES AND OF HEARING ("NOTICE") issued by the Federal Deposit Insurance Corporation ("FDIC") on September 17, 1991 under section 8(b) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(b), detailing violations of law and regulations, and/or unsafe or unsound practices, and/or breaches of fiduciary duty alleged to have been committed by Respondent Ianzito, individually and in his capacity as chairman of the board of trustees and/or institution-affiliated party of Milford Savings Bank, Milford, Massachusetts ("Bank"), and having been advised of his right to a hearing on the charges alleged in the NOTICE under section 8(b)(1) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(b)(1), and having waived those rights, entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF AN ORDER TO CEASE
{{1-31-92 p.C-1692}}AND DESIST ("CONSENT AGREEMENT") with counsel for the Federal Deposit Insurance Corporation ("FDIC"), dated November 19, 1991, whereby solely for the purpose of this proceeding and without admitting or denying any unsafe or unsound banking practices or violations of law and/or regulations, and/or breaches of fiduciary duty, Respondent Ianzito consented to the issuance of an ORDER TO CEASE AND DESIST ("ORDER") by the FDIC mandating restitution pursuant to section 8(b)(6)(A) of the Act, 12 U.S.C. § 1818(b)(6)(A).
The FDIC considered the matter and determined that it had reason to believe that Respondent Ianzito had engaged in unsafe or unsound banking practices and had violated laws and/or regulations and had breached his fiduciary duty. The FDIC, therefore, accepted the CONSENT AGREEMENT and issued the following:
ORDER TO CEASE AND DESIST
[.1] It is hereby ORDERED that the Respondent Ianzito pay restitution to the FDIC as Receiver for Milford Savings Bank, Milford, Massachusetts in the amount of $7,031.12.
Such restitution shall be paid within sixty (60) days from the date of this ORDER.
Pursuant to delegated authority.
Dated at Needham, Massachusetts this 25th day of November, 1991.
