The 11 directors of a New Orleans thrift - all of whom had resigned from the board - were slapped with cease-and-desist orders along with a former senior manager. And one of the 11, a former president of the institution, was banned from the industry.

The Office of Thrift Supervision, which made the orders public last week, said the board members allowed unauthorized trading that resulted in large losses, and subsequent concealment of those losses.

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