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FDIC Enforcement Decisions and Orders |
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Bank president was prohibited from further participation in the conduct of the affairs of the bank when the president failed to file an answer to a Notice of Intention to Prohibit from Further Participation.
[.1] Prohibition, Suspension, or RemovalNotice of IntentionFailure to Answer
IN THE MATTER OF * * *,
DECISION
[.1]This matter comes before the Board of Directors ("Board") of the Federal Deposit Insurance Corporation on the Recommended Order of Default of the Administrative Law Judge ("ALJ"), wherein he adopts the facts as alleged in the Notice of Intention to Prohibit from Further Participation ("Notice") as his findings of fact and conclusions of law. The ALJ's recommendation indicates that the Notice was duly served, but Respondent failed to file an Answer to the Notice. Under the FDIC's Rules of Practice and Procedures, 12 C.F.R. § 308.06(d), the failure to timely file an answer shall be deemed a waiver of the right to contest the allegations of the Notice, and the ALJ may find the facts as alleged in the Notice.
ORDER
The Board of Directors of the Federal Deposit Insurance Corporation ("FDIC"), having found and concluded that * * * ("Respondent"), individually, and as a participant in the conduct of the affairs of * * * Bank, * * * ("Bank"), engaged in conduct or practices which resulted in substantial loss or other damage to the Bank, evidence a willful or continuing disregard for the safety and soundness of the Bank and evidence an unfitness to participate in the conduct of the affairs of the Bank or any other bank insured by the FDIC, IT IS HEREBY ORDERED that:
/s/ Hoyle L. Robinson
FDIC-87-144e
RECOMMENDED ORDER OF
On July 21, 1987, the Federal Deposit Insurance Corporation issued a Notice of Intention to Prohibit from Further Participation under Section 8(e) of the Federal Deposit Insurance Act against Respondent * * *. The Notice was served on Respondent * * * the same day. No answer to the Notice was filed within 20 days as required by Sec. 308.06(a) of the FDIC Rules and Regulations. Under Sec. 308.06(d), failure to file a timely answer constitutes a waiver of the right to contest the allegations of the Notice and authorizes the Administration Law Judge to make findings and conclusions based on the allegations of the Notice and to enter a recommended order.
Dated: September 28, 1987
/s/ WILLIAM A. GERSHUNY
In the Matter of * * * * * * Individually,
NOTICE OF INTENTION TO
FDIC-87-144e
The Federal Deposit Insurance Corporation ("FDIC") is of the opinion that * * * and * * * ("Respondents"), individually, and in their capacities as participants in the conduct of the affairs of * * * Bank, * * * ("Bank"), engaged in conduct or practice which resulted in substantial loss or other damage to the Bank and which evidence a willful or continuing disregard for the safety and soundness of the Bank and which evidence their unfitness to participate in the conduct of the affairs of the Bank. Therefore, the FDIC institutes this proceeding for the purpose of determining whether an appropriate order should be issued against the Respondents under the provisions of section 8(e) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(e), prohibiting the Respondents from further participation in the conduct of the affairs of the Bank, or any other bank insured by the FDIC.
8. The FDIC has jurisdiction over the Bank, Respondents, and the subject matter of this proceeding.
/s/ Margaret M. Olsen (for) |
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Last Updated 6/6/2003 | legal@fdic.gov |