By: WISCONSIN LAW JOURNAL STAFF//July 18, 2012//
United States Court of Appeals For the Seventh Circuit
Civil
Banking — prohibition
Where bank directors engaged in insider transactions and improper lending practices, the FDIC Board’s prohibition order was appropriate.
“We conclude that the FDIC Board properly exercised its discretion in issuing a prohibition order under § 1818(e)(7) and monetary sanctions under § 1818(i) against the Michaels for their misconduct. The Board’s factual findings are supported by substantial evidence, its legal conclusions are reasonable, and the remedy it has imposed is rational. We therefore deny the Michaels’ petition for review.”
Petition Denied.
On Petition for Review of an Order of the Federal Deposit Insurance Corporation, Tinder, J.