Federal Reserve Board bars two former employees of Regions Bank from employment…
December 20, 2016 / Source: FRB
Release Date: December 20, 2016
For release at 2:00 p.m. EST
The Federal Reserve Board on Tuesday barred two former employees of Regions Bank from employment in the banking industry following their indictment for financial crimes.
Richard Henderson and Philip Cooper, who held senior positions at Regional Equipment Finance Corporation (REFCO), Regions' subsidiary, were recently indicted for bank bribery, wire fraud, money laundering, and conspiracy. According to the indictment, Henderson and Cooper conspired to defraud Regions and REFCO by directing REFCO to purchase insurance policies from a shell company that paid kickbacks to Henderson and Cooper. The indictment further alleges that Henderson and Cooper attempted to conceal those kickbacks by establishing additional shell companies to receive the kickbacks.
In issuing today's enforcement actions, the Board found that, given the indictment, Henderson's and Cooper's continued participation in any depository institution may impair public confidence in that institution. The prohibition is effective until the criminal charges against Henderson and Cooper are resolved or disposed of, or until the Board terminates the prohibition.
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