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FDIC Enforcement Decisions and Orders
Respondent agrees to pay civil money penalty assessed by the FDIC in the amount of $7,500.
In the Matter of
Philip A. Soebbing ("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 May 9, 2005, whereby
Respondent, solely for the purpose of this proceeding and without
admitting or denying any unsafe or unsound banking practices 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 specified below to the Treasury 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 the Respondent, the gravity of the practices and breaches of fiduciary duty by the Respondent, the history of previous violations by the Respondent, and such other matters as justice may require, the FDIC accepts the CONSENT AGREEMENT and issues the following:
ORDER TO PAY
IT IS HEREBY ORDERED, that by reason of the practices and breaches of fiduciary duty set forth in paragraph 3 of the CONSENT AGREEMENT, a penalty of $7,500 be, and hereby is, assessed against the Respondent. The Respondent shall pay the civil money penalty to the Treasury of the United States.
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 15th day of June, 2005.
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