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FDIC Enforcement Decisions and Orders
Respondent prohibited from participating in the conduct of affairs of
any insured institution without the prior written approval of the FDIC. (This order was terminated by order of the FDIC dated 4-20-05;
In the Matter of
Charles Kushner ("Respondent") has been advised of the right to receive a NOTICE AND ORDER OF SUSPENSION AND PROHIBITION FROM FURTHER PARTICIPATION ("NOTICE AND ORDER") issued by the Federal Deposit Insurance Corporation ("FDIC") detailing the federal criminal charges filed on or about July 12, 2004, in the United States District Court for the District of New Jersey, Case Number 04-6120 ("Criminal Complaint"), and has been further advised of the right to a hearing on the alleged charges under section 8(g)(3) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. §1818(g)(3), and the FDIC's Rules of Practice and Procedure, 12 C.F.R. Part 308. Having waived those rights, the Respondent entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A NOTICE AND ORDER OF SUSPENSION AND PROHIBITION FROM FURTHER PARTICIPATION ("CONSENT AGREEMENT") with a representative of the Legal Division of the FDIC, whereby solely for the purpose of this proceeding and without admitting or denying any violations of law, Respondent consented to the issuance of a NOTICE AND ORDER by the FDIC.
The FDIC considered the matter and determined it had reason to believe that:
(a) The Respondent, an institution-affiliated party of NorCrown Bank, Livingston, New Jersey, was charged in the Criminal Complaint with felony violations of Title 18 of the United States Code §§ 1513(e) and 1503;
(b) The above charges in the Criminal Complaint satisfy the statutory requirements set forth in 12 U.S.C. §1818(g)(1)(A)(i); and
(c) The FDIC has reasonable cause to believe that continued participation by Respondent in any manner in the conduct of the affairs of the Bank may pose a threat to the interests of depositors of the Bank or may threaten to impair public confidence in the Bank.
Accordingly, the FDIC has determined that such criminal charges preclude the Respondent from participating in the conduct of the affairs or as an institution-affiliated party of the Bank.
The FDIC, therefore, accepts the CONSENT AGREEMENT and issues the following:
Charles Kushner is hereby, without the prior written approval of the FDIC, prohibited from participating in any manner in the conduct of the affairs the Bank.
This NOTICE AND ORDER will become
effective upon its issuance by the FDIC. The provisions of this NOTICE AND ORDER will remain effective and enforceable until such Criminal Complaint is finally disposed of or until terminated by the FDIC except to the extent that, and until such time as, any provision of this NOTICE AND ORDER shall have been modified, terminated, suspended, or set aside by the FDIC.
Pursuant to delegated authority.
Dated this 13th day of August, 2004.
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