Fed Fines Wintrust $1M Over Hinsdale Ex-CFO's Accounting Slip-Up

Law360 (February 28, 2019, 8:13 PM EST) -- The Federal Reserve Board announced Thursday that Wintrust Financial Corp. will pay a more than $1 million fine over deficient internal controls that allowed the former chief financial officer for one of its banks to conceal a more than $2 million unreconciled balance for several years.

The board said in its consent order that the financial holding company had agreed to improve its internal controls and audit programs to avoid a repeat of the incident in which Wintrust discovered that the CFO for its Hinsdale Bank & Trust had engaged in improper accounting practices to conceal an unreconciled balance on Hinsdale's...

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