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Press Releases |
WASHINGTON, D.C.
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In the Matter of VERNON BERYLE MURDOCH, JR., individually, and as an institution-affiliated party of KENT COUNTY STATE BANK JAYTON, TEXAS (Insured State Nonmember Bank) |
ORDER OF PROHIBITION
FROM FURTHER PARTICIPATION AND CIVIL MONEY PENALTY FDIC-02-003e FDIC-02-004k |
Vernon Beryle Murdoch, Jr. ("Respondent") has been advised of the right to receive a NOTICE OF INTENTION TO PROHIBIT FROM FURTHER PARTICIPATION ("NOTICE") issued by the Federal Deposit Insurance Corporation ("FDIC") detailing the violations, unsafe or unsound banking practices, and/or breaches of fiduciary duty for which an ORDER OF PROHIBITION FROM FURTHER PARTICIPATION AND CIVIL MONEY PENALTY ("ORDER") may issue, and has been further advised of the right to a hearing on the alleged charges under 12 U.S.C. § 1818(e) and 12 U.S.C. § 1818(i) of the Federal Deposit Insurance Act ("Act"), 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 AN ORDER OF PROHIBITION FROM FURTHER PARTICIPATION AND CIVIL MONEY PENALTY ("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, unsafe or unsound banking practices, and/or any breaches of fiduciary duty, Respondent consented to the issuance of an ORDER by the FDIC. The FDIC considered the matter and determined it had reason to believe that:
The FDIC further determined that such alleged violations, practices and/or breaches of fiduciary duty demonstrate the Respondent's unfitness to serve as a director, officer, person participating in the conduct of the affairs or as an institution-affiliated party of the Bank, any other insured depository institution, or any other agency or organization enumerated in 12 U.S.C. § 1818(e)(7)(A). Furthermore, the FDIC, 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 alleged violations by Respondent, the history of previous violations by Respondent, and such other matters as justice may require, the FDIC accepted the CONSENT AGREEMENT and issued the following: ORDER OF PROHIBITION
Pursuant to delegated authority. Dated this ________ day of _______________ , 2002.
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Last Updated 06/25/2002 | communications@fdic.gov |