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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.