The Federal Reserve Board has banned from banking Michael Wachs, a former managing director of Chase Manhattan Corp. and Chase Securities Inc.

The Fed, in a Feb. 6 order, accused Mr. Wachs of engaging in a fraudulent scheme to purchase Chase assets and then immediately resell them for a profit. Mr. Wachs did not admit any wrongdoing but agreed not to work for a bank or serve on a bank board. A Chase spokesman declined to comment.

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