Feds Must Revisit Bank Expulsion Of Mob-Tied Casino Owner

Law360, New York (January 29, 2013, 7:47 PM EST) -- Federal regulators must revisit their decision to expel a casino owner suspected of mob ties from a bank's board because they didn't show a deal he cut to escape criminal charges was tantamount to a diversion program, the D.C. Circuit ruled Tuesday.

A three-judge panel found that the Federal Reserve Board and the Office of the Comptroller of the Currency failed to prove that Louis A. DeNaples, a director at First National Community Bank in Pennsylvania, entered a “pretrial diversion or similar program” that could warrant...
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