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Case Breif p 266

Case Breif p 266 - Case Brief p 266 Hudson v United States...

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Case Brief p. 266 Hudson v. United States United States Petitioner John Hudson (Leading Shareholder of First National Banks of Tipton and Hammon) Petitioner Jack Rackley (President of Tipton and on the Board of Director of Hammon) Petitioner Larry Baresel (On the Board of Director for both Tipton and Hammon) - The OCC concluded that the petitioner’s used their positions in the bank to violate different federal banking statutes and regulations. They issued them a “Notice of Assessment of Civil Money Penalty” stating that the illegal loans to a third party resulted in losses of almost $900,000 and helped with the failure of the banks. They issued penalties of $100,000 (Hudson) and $50,000 (Rackley and Baresel) and also issued a “Notice of Intention to Prohibit Further Participation” to all three. - They resolved the OCC proceedings by entering into a “Stipulation and Consent Order” which ordered Hudson to pay $16,500, Baresel $15,000, and Rackley $12,500 respectively. They also agreed not to “participate in any manner” with any aspect of the banking institutions without
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