Skip Header

Federal Deposit
Insurance Corporation

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

{{3-31-97 p.C-4301}}
   [11,377] In the Matter of Thomas F. Farrell, Peoples State Bank, Prairie du Chien, Wis., Docket No. 96-98k (1-13-97)

   Respondent agrees to pay civil money penalty assessed by FDIC.
In the Matter of
THOMAS F. FARRELL, individually,
and as an institution-affiliated
party of
(Insured State Nonmember Bank)

   Thomas F. Farrell ("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 to Pay ("CONSENT AGREEMENT") dated September 18, 1996, whereby Respondent, solely for the purpose of this proceeding and without admitting or denying any violations of law or regulation or breaches of fiduciary duty for which civil money penalties may be assessed, consented and agreed to pay a civil money penalty in the amount of $5,000 to the Treasurer of the United States.
   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 violations or breaches of fiduciary duty 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:


   IT IS HEREBY ORDERED, that by reason of the violations and breaches of fiduciary duty set forth in paragraph 3 of the CONSENT AGREEMENT, a penalty of $7,000 be, and hereby is, assessed against Thomas F. Farrell. The Respondent shall pay the civil money penalty to the Treasurer of the United States as follows: $4,000 as of the effective date of this Order to Pay; an additional $1,500 within one year of the effective date of this Order to Pay; and an additional $1,5000 within two years of this Order to Pay.
   IT IS FURTHER ORDERED, that, in the event Respondent fails to remit any payment required herein in a timely manner, the entire balance of $7,000 civil money penalty shall become immediately due and payable.
   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 shall be effective upon issuance.
   Pursuant to delegated authority.
   Dated at Washington, D.C., this 13th day of January, 1997.

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

Last Updated 6/6/2003

Skip Footer back to content