A former Minnesota Vikings tight end has reached a settlement with federal regulators over his alleged misdeeds at a Minneapolis-area community bank.
Stu Voigt agreed to pay a $15,000 to the Federal Deposit Insurance Corp. and to leave the banking industry, the Star-Tribune of Minneapolis reported Saturday. Voigt, the former chairman of $238 million-asset First Commercial Bank in Bloomington, Minn., was accused of approving loans without disclosing his personal financial relationship with the borrower.
Voigt voted in favor of First Commercial Bank making loans to a real estate lender, named Hennessey Financial, without disclosing that he had made personal loans to the lender's guarantor.
Voigt did not admit wrongdoing and he waived his right to administrative hearing as part of the FDIC settlement.