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.

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