[¶12,428] In the Matter of J. Donald Weand, Jr., Connecticut Bank of Commerce,
Stamford, Connecticut, Docket No. 02-161c&b (7-8-05).
A cease and desist order was issued, based on findings by the FDIC that
it had reason to believe that respondent was engaged in unsafe and
In the Matter of
J. DONALD WEAND, JR.,
individually and as a former institution-affiliated party of
CONNECTICUT BANK OF COMMERCE STAMFORD, CONNECTICUT (Insured State Nonmember BankIn Receivership)
ORDER FOR RESTITUTION
J. Donald Weand, Jr. ("Respondent") has received a NOTICE OF
CHARGES AND OF HEARING ("NOTICE") issued by the Federal Deposit
Insurance Corporation ("FDIC") detailing the unsafe or unsound
practices, violations of law and regulations, and violation of a
condition imposed in writing by the FDIC in connection with that
granting of an application by Connecticut Bank of Commerce, Stamford,
Connecticut ("Bank"), for which an ORDER FOR RESTITUTION
("ORDER") may be issued, and has been advised of his right to a
hearing on those charges under section 8(b) of the Federal Deposit
Insurance Act ("Act"), 12 U.S.C. §1818(b), and the FDIC Rules
of Practice and Procedure, 12 C.F.R. Part 308. Having waived his right
to a hearing, Respondent entered into a STIPULATION AND CONSENT TO THE
ISSUANCE OF AN ORDER FOR RESTITUTION ("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
unsafe or unsound practices or violations, Respondent consented to the
issuance of an ORDER by the FDIC.
The FDIC considered the matter and determined it had reason to believe
(a) Respondent, as an institution-affiliated party of the Bank, has
engaged in unsafe or unsound practices, violated laws and regulations,
and violated a condition imposed in writing by the FDIC in connection
with the granting of an application by the Bank.
(b) Such violations and practices involved a reckless disregard for the
law and applicable regulations; and
(c) Respondent should be required to make restitution to the FDIC as
receiver for the Bank to correct or remedy the condition resulting from
such violations and practices.
The FDIC, therefore, accepts the CONSENT AGREEMENT and issues the
ORDER FOR RESTITUTION
IT IS HEREBY ORDERED, pursuant to sections 8(b)(1) and 8(b)(6) of
the Act, 12 U.S.C. §§ 1818(b)(1) and 1818(b)(6), that Respondent
shall pay restitution in the amount of $76,500 to the FDIC as receiver
of the Bank in the time and manner set forth in the CONSENT AGREEMENT.
IT IS FURTHER ORDERED that 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 for any other expenses, including attorney fees and
disbursements, incurred by Respondent in connection with this matter.
This ORDER shall be effective immediately 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
provision of this ORDER shall have been modified, terminated,
suspended, or set aside by the FDIC.