[¶12,614] In the Matter of Todd R. Kramer, Lincoln Savings Bank, Cedar Falls,
Iowa, Docket No. 06-034k (6-23-06).
Respondent agrees to pay civil money penalty assessed by the FDIC in
the amount of $10,000.
In the Matter of
TODD R. KRAMER,
individually and as an institution-affiliated party of
LINCOLN SAVINGS BANK CEDAR FALLS, IOWA (Insured State Nonmember Bank)
ORDER TO PAY
TODD R. KRAMER ("Respondent") has been advised of his right
to receive a NOTICE OF ASSESSMENT OF CIVIL MONEY PENALTY, FINDINGS OF
FACT AND CONCLUSIONS OF LAW ("NOTICE") issued by the Federal
Deposit Insurance Corporation ("FDIC") stating the unsafe or
unsound banking practices and breaches of fiduciary duty for which an
ORDER TO PAY CIVIL MONEY PENALTY ("ORDER TO PAY") may be issued.
Respondent has been further advised of his right to a hearing on the
charges under section 8(i)(2) of the Federal Deposit Insurance Act
("Act"), 12 U.S.C. §1818(i)(2), and the FDIC Rules of Practice
and Procedure, 12 C.F.R. Part 308.
Having waived those rights, Respondent executed a STIPULATION AND
CONSENT TO THE ISSUANCE OF AN ORDER TO PAY CIVIL MONEY PENALTY
("CONSENT AGREEMENT") whereby Respondent, solely for the purpose
of this proceeding and without admitting or denying any unsafe or
unsound banking practices and breaches of fiduciary duty for which
civil money penalties may be assessed, consented to the issuance of an
ORDER TO PAY by the FDIC and agreed to pay a civil money penalty in the
amount of $10,000 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
Respondent, the gravity of the violations 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
ORDER TO PAY CIVIL MONEY PENALTY
IT IS HEREBY ORDERED that Respondent is assessed and shall pay a
civil money penalty in the amount of $10,000 to the Treasury within 10
days of the effective date hereof.
IT IS FURTHER ORDERED that Respondent is prohibited from seeking or
accepting indemnification from any insured depository institution: (i)
for the civil money penalty assessed and paid in this matter; or
(ii) for any expenses, including attorneys' fees and
disbursements, incurred by Respondent in connection with this matter.
This ORDER shall be effective immediately upon its issuance.
Pursuant to delegated authority.
Dated at Washington, D.C., this 23rd day of June, 2006.