In the Matter of
RAYMOND L. FOSTER individually, and as an institution-affiliated party of
SLADE'S FERRY TRUST COMPANY SOMERSET, MASSACHUSETTS (Insured State Nonmember Bank)
ORDER FOR RESTITUTION
RAYMOND L. FOSTER, ("Respondent"), having been advised of his right to a NOTICE OF CHARGES AND OF HEARING detailing the violations of law and regulation and unsafe or unsound practices alleged to have been committed by the Respondent, for which an Order for Restitution may be issued, and having been advised of his right to a hearing on the charges under section 8(b) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(b), and having waived those rights, entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF AN ORDER FOR RESTITUTION ("CONSENT AGREEMENT"), with counsel for the Federal Deposit Insurance Corporation ("FDIC"), dated April 14, 2000, whereby, solely for the purpose of this proceeding and without admitting or denying any charges of violation of law or regulation or any unsafe or unsound practices, the Respondent consented to the issuance of an ORDER FOR RESTITUTION ("ORDER") by the FDIC.
The FDIC considered the matter and determined that it had reason to believe that the Respondent had violated laws and regulations and had engaged in unsafe or unsound practices, and that the Respondent was unjustly enriched in connection with such violations or practices, or the violations or practices involved a reckless disregard for the law or any applicable regulations, and that Respondent should be required to make some restitution to the Bank to correct or remedy the conditions resulting from such violations and practices. The FDIC, therefore, accepted the CONSENT AGREEMENT and issued the following:
ORDER TO CEASE AND DESIST
[.1] IT IS HEREBY ORDERED, that the Respondent forthwith shall pay restitution of $2,500.00 to Slade's Ferry Trust Company, Somerset, Massachusetts ("Bank") in the time and manner set forth in the CONSENT AGREEMENT.
[.2] IT IS FURTHER ORDERED, that the Respondent is prohibited from seeking or accepting indemnification from the Bank or from any other insured depository institution for the restitution paid under the terms of this ORDER or any other expenses, including attorney fees and disbursements incurred by the Respondent, in connection with this matter.
This ORDER shall be effective upon its issuance by the FDIC.
The provisions of this ORDER shall remain effective and enforceable except to the extent that, and until such time as, any provisions of this ORDER shall have been modified, terminated, suspended, or set aside by the FDIC.