On July 18th, the Seventh Circuit dismissed a petition challenging a Federal Deposit Insurance Corporation ("FDIC") enforcement order. In an administrative action, the FDIC alleged that brothers George and Robert Michael engaged in insider transactions and improper lending practices at the bank for which they were owners and directors. Because the evidence supports the administrative law judge's and FDIC Board's decision, the Court affirmed the order prohibiting the brothers from participating in the affairs of a depository institution and imposing penalties. Michael v. FDIC.
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Brothers who misused bank are barred from the industry
- Winston & Strawn LLP
- July 23 2012
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