Bank CEO Can't Claim Ignorance Of Bad Filings, DC Circ. Says
By Michael Lipkin (March 7, 2014, 4:22 PM EST) -- A D.C. Circuit panel on Friday rejected the CEO of defunct American Sterling Bank's bid to overturn a Comptroller of the Currency ban and $1 million fine for misrepresenting the bank's capital reserves, ruling that he could not claim he lacked information about evolving regulations.
Judge Judith Rogers, writing for a unanimous panel, denied American Sterling Chief Executive Officer Lawrence Dodge's petition to review the comptroller's decision, which banned Dodge from working at an Federal Deposit Insurance Corp.-insured bank and fined him $1 million. The comptroller had found that Dodge "engaged in a pattern of willfully misrepresenting the bank's capital reserves"...
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