The Federal Reserve Board has issued a cease-and-desist order against Michael Quinn, a former employee of Swiss Bank Corp.'s New York branch.
The Fed charged on June 3 that Mr. Quinn prepared incorrect account records for Swiss Bank's Cayman Islands' branch. It ordered Mr. Quinn to refrain from breaching his fiduciary duty in the future and to seek a legal opinion outlining his responsibilities before accepting a new banking job. Mr. Quinn did not admit to any wrongdoing.
Also last week, the Fed charged that Robert L. McCook violated the National Association of Securities Dealers' rules by making unauthorized trades at Crestar Securities, a subsidiary of Crestar Financial Corp., Richmond. Mr. McCook, who did not admit wrongdoing, agreed to follow the rules in the future.
Finally, the Fed banned from banking Donald G. Austin, a former employee at the Bank of New York. The Fed charged that Mr. Austin made unauthorized loans.
Mr. Austin did not admit wrongdoing but agreed to refrain from working for a bank, voting bank stock, or serving as a director of an insured institution. Jaret Seiberg