Capital Briefs: Fed Bans Former U.S. Exec of Bank Austria

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.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER