The Federal Reserve Board has banned from banking a former official of the New York branch of Vienna's Bank Austria.

The Fed charged in a Nov. 4 order that Edward R. Stempniewicz breached his fiduciary duties by accepting funds from a loan broker doing business with the branch. Mr. Stempniewicz did not admit wrongdoing but agreed not to work for a bank or vote as a shareholder of a financial institution.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.