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Federal Reserve Board issues enforcement action with former employee of East West Bank and announces termination of enforcement actions with Markesan State Bank, Banco Espírito Santo, and Espírito San

November 19, 2019 / Source: FRB

Press Release

November 19, 2019

Federal Reserve Board issues enforcement action with former employee of East West Bank and announces termination of enforcement actions with Markesan State Bank, Banco Espírito Santo, and Espírito Santo e Comercial de Lisboa, Inc.

For release at 11:00 a.m. EST

The Federal Reserve Board on Tuesday announced the execution of the enforcement action listed below:

Consent prohibition against Thang Nguyen, former employee of East West Bank, Pasadena, California, following the Board's allegations that he misappropriated funds from a customer's account.

The Board also announced the termination of the enforcement actions listed below:

Markesan State Bank, Markesan, Wisconsin
Written Agreement, dated September 8, 2017 (PDF)
Terminated November 6, 2019

Banco Espírito Santo, S.A., Lisbon, Portugal and Espírito Santo e Comercial de Lisboa, Inc., Newark, New Jersey
Order to Cease and Desist, dated April 2, 2012 (PDF)
Terminated November 13, 2019

Additional enforcement actions can be searched for here.

For media inquiries, call 202-452-2955.

Last Update: November 19, 2019