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Report Fraud, Waste, or Abuse
The following are highlights of our work during the October 1, 2017–March 31, 2018, semiannual reporting period. Closed investigative reports are not made public and are subject to disclosure in accordance with applicable law. However, significant investigative results and other investigative statistics are reported in our semiannual report to Congress, as required by statute.
Former President and Chief Executive Officer of Farmers Exchange Bank Sentenced
The former President and Chief Executive Officer of Farmers Exchange Bank in Wisconsin was sentenced to 24 months' imprisonment for bank fraud; false entries, reports, and transactions; and false statements. The defendant was also fined $20,000 and ordered to pay $338,000 in restitution to the bank holding company shareholders. Finally, the defendant was prohibited from further participation in the banking industry by the Board and the Federal Deposit Insurance Corporation (FDIC).
Former Chief Executive Officer and President Pleaded Guilty to Conspiracy to Commit Bank Fraud and Obstruction of Examination
A former Chief Executive Officer and President at Coastal Bank and Trust, based in North Carolina, pleaded guilty to conspiracy to commit bank fraud and obstruction of examination. The defendant schemed to defraud the bank by engineering fraudulent loan transactions to straw borrowers for his own benefit or for that of his coconspirators. The defendant attempted to conceal his scheme by withholding relevant information from the bank's board of directors and from Federal Reserve Bank examiners.
Wilmington Trust Corporation Entered Into Settlement Agreement
In a settlement, Delaware's Wilmington Trust Corporation agreed to transfer $44 million to the United States. Wilmington Trust agreed to the settlement in lieu of prosecution for criminal false statements and false entries in banking records related to its past-due loans.