WASHINGTON -- The former chairman of a failed New York thrift has been banned from the banking industry, the Office of Thrift Supervision said Monday.
Warren H. Young, once chairman of Yorkville Federal Savings and Loan Association, Bronx, N.Y., consented to an OTS order to leave the banking business and agreed to pay back $25,000 in losses to the institution, the OTS said. The agency also levied a $7,500 civil money penalty.
The OTS accused Mr. Young of using the thrift's staff and resources to support his personal business activities without compensating Yorkville Federal or its employees. Mr. Young also failed to reimburse the institution for personal charges he placed on a corporate charge card, the OTS said.
Mr. Young agreed to comply with the order without admitting to or denying the OTS' findings. Yorkville Federal failed and was placed in receivership by the OTS in September 1990.