The FDIC Enforcement Decisions and Orders (ED&O) contains the full text of the formal enforcement actions against financial institutions that are regulated by the FDIC or against their affiliated parties. The ED&O is updated on a monthly basis.
The third order to Cease and Desist issued by the FDIC to First Vietnamese American Bank was issued on 05/13/2010 (8 pages long) in addition to the second order just 15 months earlier. The second order to Cease and Desist (15 pages long) issued by the FDIC to First Vietnamese American Bank was issued on 01/29/2009 just 25 months after the first Cease and Desist issued by the FDIC to First Vietnamese American Bank on 12/22/2006. The Bank, by and through its duly elected and acting Board of Directors (“Board”), has executed a Stipulation to the Issuance of a Consent Order (“Stipulation”), dated May 13, 2010, that is accepted by the FDIC. With the Stipulation, the Bank has consented, without admitting or denying any charges of unsafe or unsound banking, to the issuance of this Consent Order (“Order”) by the FDIC pursuant to Section 8(b)(1) of the FDI Act. The FDIC ordered that http://www.fdic.gov/bank/individual/enforcement/2010-05-05.pdf
Thursday, May 13, 2010
Monday, March 8, 2010
Rise in Bad Loans Raises Questions for Two Little Saigon Banks (First Vietnamese American Bank and Saigon National Bank) by Murray Coleman, Orange County Business Journal
A commonly used measure to gauge the health of banks shows that two that were started to serve the county’s Vietnamese hub are operating at highly distressed levels.
First Vietnamese American Bank and Saigon National Bank, both of Westminster, scored poorly in a test of their bad loans and real estate versus their cash reserves, according to a report for the Business Journal by Irvine-based bank investor and consultant Carpenter & Co.
At the start of the year, First Vietnamese scored 234% on what’s known as a Texas ratio, a measurement of bank health where the lower the score the better and anything higher than 100% is considered a sign of teetering.
Saigon National had a Texas ratio of 117%.
“The Texas ratio can’t be applied as an absolute, but it’s certainly a good way to identify problem banks,” said Grace Wickersham, senior vice president at Carpenter & Co.
The Texas ratio compares a bank’s bad loans to how much its shareholders would be owed if it failed. Indebted real estate controlled by banks is part of the equation.
Analysts at Royal Bank of Canada’s RBC Capital Markets came up with the ratio in the 1980s while looking at banks in Texas.
The majority of banks and thrifts based in the county score well on Texas ratios. Entering 2010, 23 of 27 homegrown banks and savings and loans were operating at levels considered safe by analysts.
As a group, the average ratio was 32%, below the county’s long-term average of 35%, according to a separate review of Texas ratio data by Rancho Santa Margarita-based bank consultant Timmons Co.
“Those who’ve survived the savings and loan crisis in the ’80s and subsequent downturns are still doing relatively well compared to what we’re seeing nationally,” Timmons said.
First Vietnamese Bank’s Texas ratio has been steadily increasing in the past year, according to Carpenter & Co.’s survey.
The bank’s chief executive, Benjamin Palma-Gil, was unavailable for comment last week. Toni Umphreyville, First Vietnamese’s chief financial officer, declined to comment.
At the end of 2008, First Vietnamese’s Texas ratio was 31.5%. It took a noticeable leap between the second and third quarters of last year when it went from 47.8% to 157%.
The bank is said to be looking to raise money, according to Gary Findley, an Anaheim-based banking analyst and consultant.
First Vietnamese opened with fanfare in 2005 as the first bank to specifically target Vietnamese-Americans and their businesses in Little Saigon, which spans Westminster, Fountain Valley, Garden Grove and Santa Ana.
The area is home to an estimated 200,000 Vietnamese.
Former chief executive Hieu Nguyen started the bank with investments from local business owners, bankers and international investors.
Saigon National opened a few months after First Vietnamese in 2005, also targeting Little Saigon.
The bank has been working to pump up its reserves, according to Roy Painter, chief financial officer. At the end of January, Saigon National raised about $2.5 million in a private placement, he said.
“It certainly gives us greater operational capabilities,” Painter said. “In terms of the Texas ratio, it will put us well underneath 100%—the level everyone looks at.”
Saigon National Bank is in the process of raising another $2.8 million through a second private placement, according to Painter.
The bank also has a new chief executive, Bill Lu, and chief credit officer, Patrick Siu.
“During the economic downturn, a handful of our loans had difficulty,” Painter said. “Our focus is on resolving those issues.”
You can read more at: http://www.ocbj.com/news/2010/mar/07/rise-bad-loans-raises-questions-two-little-saigon-/
First Vietnamese American Bank and Saigon National Bank, both of Westminster, scored poorly in a test of their bad loans and real estate versus their cash reserves, according to a report for the Business Journal by Irvine-based bank investor and consultant Carpenter & Co.
At the start of the year, First Vietnamese scored 234% on what’s known as a Texas ratio, a measurement of bank health where the lower the score the better and anything higher than 100% is considered a sign of teetering.
Saigon National had a Texas ratio of 117%.
“The Texas ratio can’t be applied as an absolute, but it’s certainly a good way to identify problem banks,” said Grace Wickersham, senior vice president at Carpenter & Co.
The Texas ratio compares a bank’s bad loans to how much its shareholders would be owed if it failed. Indebted real estate controlled by banks is part of the equation.
Analysts at Royal Bank of Canada’s RBC Capital Markets came up with the ratio in the 1980s while looking at banks in Texas.
The majority of banks and thrifts based in the county score well on Texas ratios. Entering 2010, 23 of 27 homegrown banks and savings and loans were operating at levels considered safe by analysts.
As a group, the average ratio was 32%, below the county’s long-term average of 35%, according to a separate review of Texas ratio data by Rancho Santa Margarita-based bank consultant Timmons Co.
“Those who’ve survived the savings and loan crisis in the ’80s and subsequent downturns are still doing relatively well compared to what we’re seeing nationally,” Timmons said.
First Vietnamese Bank’s Texas ratio has been steadily increasing in the past year, according to Carpenter & Co.’s survey.
The bank’s chief executive, Benjamin Palma-Gil, was unavailable for comment last week. Toni Umphreyville, First Vietnamese’s chief financial officer, declined to comment.
At the end of 2008, First Vietnamese’s Texas ratio was 31.5%. It took a noticeable leap between the second and third quarters of last year when it went from 47.8% to 157%.
The bank is said to be looking to raise money, according to Gary Findley, an Anaheim-based banking analyst and consultant.
First Vietnamese opened with fanfare in 2005 as the first bank to specifically target Vietnamese-Americans and their businesses in Little Saigon, which spans Westminster, Fountain Valley, Garden Grove and Santa Ana.
The area is home to an estimated 200,000 Vietnamese.
Former chief executive Hieu Nguyen started the bank with investments from local business owners, bankers and international investors.
Saigon National opened a few months after First Vietnamese in 2005, also targeting Little Saigon.
The bank has been working to pump up its reserves, according to Roy Painter, chief financial officer. At the end of January, Saigon National raised about $2.5 million in a private placement, he said.
“It certainly gives us greater operational capabilities,” Painter said. “In terms of the Texas ratio, it will put us well underneath 100%—the level everyone looks at.”
Saigon National Bank is in the process of raising another $2.8 million through a second private placement, according to Painter.
The bank also has a new chief executive, Bill Lu, and chief credit officer, Patrick Siu.
“During the economic downturn, a handful of our loans had difficulty,” Painter said. “Our focus is on resolving those issues.”
You can read more at: http://www.ocbj.com/news/2010/mar/07/rise-bad-loans-raises-questions-two-little-saigon-/
Tuesday, February 23, 2010
Problem banks in Sothern California (from LA Biz Observed, Mark Lacter, hear him on KPCC 89.3FM)
The FDIC says it was watching 702 of them in the fourth quarter of 2009, up from 252 for the same period a year earlier. "Problem" banks are those receiving closer scrutiny by the feds, usually because they have weak capital cushions to prevent against failure. Keep in mind that not all problem banks will fail, but being on the list is not a great sign. The feds don't release the actual names, but Calculated Risk keeps a running unofficial tally, based on regulator press releases or public news sources it's come across. At last check, CR identified 617 problem banks; I've pulled down the list of the locals. As you can see, most of them are small and little known (one notable exception being Hanmi Bank, which has gotten killed by commercial real estate loans).
--American Continental Bank City of Industry
--Bay Cities National Bank Redondo Beach
--Coast National Bank San Luis Obispo
--Excel National Bank Beverly Hills
--First Standard Bank Los Angeles
--First Vietnamese American Bank Westminster
--Gateway Business Bank Cerritos
--Golden Coast Bank Long Beach
--Golden Security Bank Rosemead
--Golden State Bank Upland
--Hanmi Bank Los Angeles
--Independence Bank Newport Beach
--International City Bank, National Association Long Beach
--Merchants Bank of California, National Association Carson
--Mission Oaks National Bank Temecula
--National Bank of California Los Angeles
--Pan American Bank Los Angeles
--Plaza Bank Irvine
--Saehan Bank Los Angeles
--San Luis Trust Bank, FSB San Luis Obispo
--Uniti Bank Buena Park
--Ventura County Business Bank Oxnard
--Western Commercial Bank Woodland Hills
--American Continental Bank City of Industry
--Bay Cities National Bank Redondo Beach
--Coast National Bank San Luis Obispo
--Excel National Bank Beverly Hills
--First Standard Bank Los Angeles
--First Vietnamese American Bank Westminster
--Gateway Business Bank Cerritos
--Golden Coast Bank Long Beach
--Golden Security Bank Rosemead
--Golden State Bank Upland
--Hanmi Bank Los Angeles
--Independence Bank Newport Beach
--International City Bank, National Association Long Beach
--Merchants Bank of California, National Association Carson
--Mission Oaks National Bank Temecula
--National Bank of California Los Angeles
--Pan American Bank Los Angeles
--Plaza Bank Irvine
--Saehan Bank Los Angeles
--San Luis Trust Bank, FSB San Luis Obispo
--Uniti Bank Buena Park
--Ventura County Business Bank Oxnard
--Western Commercial Bank Woodland Hills
Tuesday, November 17, 2009
First Vietnamese American Bank one time Director, Chief Executive Officer, and Chief Lending Officer Walter Hannen co-conspirator David H. Hagen previously convicted of Securities Fraud and International Money Laundering Scheme sentenced to 45 years and forfeiture of $27.6 million and restitution of +$22,000
On November 17, 2009 David A. Hagen aka David DeFusco was sentenced to 540 months – 45 years, forfeiture of $27.6 million and restitution of +$22,000. Mr, Hagen will be remanded to the Bureau of Prisons at a facility as close to San Diego, CA as possible.
DAVID A. HAGEN WAS CONVICTED OF SECURITIES FRAUD AND INTERNATIONAL MONEY LAUNDERING SCHEME Local Businessman and His Co-Conspirators Made Approximately $28 Million Selling Stock to the Public CHARLOTTE, N.C. -- DAVID A. HAGEN was convicted by a jury on Friday, May 15, 2009, after a two-week trial on three counts of conspiracy to commit securities fraud, conspiracy to commit mail/wire fraud, and conspiracy to commit money laundering.
HAGEN, a United States citizen who fled to the Bahamas during the investigation of this matter, was originally arrested on a criminal complaint charging him with joining a multi-million dollar international securities fraud and money laundering conspiracy. HAGEN was arrested at J.F.K. International Airport in Queens, New York in September 2007, as he attempted to enter the United States on a commercial airline flight from Nassau, Bahamas after living in the Bahamas for approximately 18 months. HAGEN was denied bond and has been held in custody since that time.
The evidence at trial showed that HAGEN was the owner of a company in Southern Pines, North Carolina known as Gatelinx Corp. (hereafter, “Gatelinx”). Gatelinx was later merged with a publicly-traded shell company known as Autoleasecheck.com, Inc., which company was quoted on the Pinksheets and traded in the Over-the-Counter market. The merged company was renamed GTX Global Corp. (hereafter, “GTX Global”). Following this merger, HAGEN and his co-conspirators controlled approximately 90% of the company’s stock, but held the stock in the names of offshore companies. The evidence at trial showed that, from October 2005 through in or about June 2006, HAGEN and his co-conspirators engaged in a fraudulent promotional campaign designed to drive up the stock price and trading volume of GTX Global. Specifically, the evidence showed that the co-conspirators created websites fraudulently touting the company’s supposed VoIP technology and misstating the company’s financial condition. In addition, the evidence showed that the company issued press releases designed to mislead the public into believing that HAGEN – who was a two-time federal felon – was not involved in the management of the company. Finally, the evidence showed that HAGEN caused the company to issue Disclosure Statements to the public, which statements falsely stated that no one controlled more than 5% of the company’s stock.
The evidence at trial further showed that, from in or about October 2005 through in or about June 2006, HAGEN and his co-conspirators used Canadian brokerage firms to sell approximately 6 million shares of GTX Global stock held in the names of offshore companies for proceeds of approximately $32 million. HAGEN and his co-conspirators then wired these funds from the Canadian brokerage firms to bank accounts in the Bahamas, Curacao, Panama, Cyprus, Dubai, Switzerland, and Gibraltar.
Other co-conspirators included Walter Hannen, Bryan S. Kos, Jeremy D. Jayned, aka Lyle Andrews, Donald E. Oehmke, Mark e. Brecher, Mr. R., Howell We. Woltz, Vernice C. Woltz, US Attorney and North Carolina Superio Court Judge Samuel T. Currin, and Michael D. Spadaccini.
DAVID A. HAGEN WAS CONVICTED OF SECURITIES FRAUD AND INTERNATIONAL MONEY LAUNDERING SCHEME Local Businessman and His Co-Conspirators Made Approximately $28 Million Selling Stock to the Public CHARLOTTE, N.C. -- DAVID A. HAGEN was convicted by a jury on Friday, May 15, 2009, after a two-week trial on three counts of conspiracy to commit securities fraud, conspiracy to commit mail/wire fraud, and conspiracy to commit money laundering.
HAGEN, a United States citizen who fled to the Bahamas during the investigation of this matter, was originally arrested on a criminal complaint charging him with joining a multi-million dollar international securities fraud and money laundering conspiracy. HAGEN was arrested at J.F.K. International Airport in Queens, New York in September 2007, as he attempted to enter the United States on a commercial airline flight from Nassau, Bahamas after living in the Bahamas for approximately 18 months. HAGEN was denied bond and has been held in custody since that time.
The evidence at trial showed that HAGEN was the owner of a company in Southern Pines, North Carolina known as Gatelinx Corp. (hereafter, “Gatelinx”). Gatelinx was later merged with a publicly-traded shell company known as Autoleasecheck.com, Inc., which company was quoted on the Pinksheets and traded in the Over-the-Counter market. The merged company was renamed GTX Global Corp. (hereafter, “GTX Global”). Following this merger, HAGEN and his co-conspirators controlled approximately 90% of the company’s stock, but held the stock in the names of offshore companies. The evidence at trial showed that, from October 2005 through in or about June 2006, HAGEN and his co-conspirators engaged in a fraudulent promotional campaign designed to drive up the stock price and trading volume of GTX Global. Specifically, the evidence showed that the co-conspirators created websites fraudulently touting the company’s supposed VoIP technology and misstating the company’s financial condition. In addition, the evidence showed that the company issued press releases designed to mislead the public into believing that HAGEN – who was a two-time federal felon – was not involved in the management of the company. Finally, the evidence showed that HAGEN caused the company to issue Disclosure Statements to the public, which statements falsely stated that no one controlled more than 5% of the company’s stock.
The evidence at trial further showed that, from in or about October 2005 through in or about June 2006, HAGEN and his co-conspirators used Canadian brokerage firms to sell approximately 6 million shares of GTX Global stock held in the names of offshore companies for proceeds of approximately $32 million. HAGEN and his co-conspirators then wired these funds from the Canadian brokerage firms to bank accounts in the Bahamas, Curacao, Panama, Cyprus, Dubai, Switzerland, and Gibraltar.
Other co-conspirators included Walter Hannen, Bryan S. Kos, Jeremy D. Jayned, aka Lyle Andrews, Donald E. Oehmke, Mark e. Brecher, Mr. R., Howell We. Woltz, Vernice C. Woltz, US Attorney and North Carolina Superio Court Judge Samuel T. Currin, and Michael D. Spadaccini.
Wednesday, October 7, 2009
First Vietnamese American Bank one time Director, Chief Executive Officer, and Chief Lending Officer Walter Hannen co-conspirator Bryan S. Kos previously convicted of Securities Fraud and International Money Laundering Scheme sentenced to 45 months in Federal Prison
On October 6, 2009 Bryan S. Kos previously convicted of Securities Fraud and International Money Laundering Scheme sentenced to 45 months in Federal Prison.
The evidence at trial showed that, from in or about October 2005 through in or about June 2006, Hagen, Kos and his co-conspirators used Canadian brokerage firms to sell approximately 6 million shares of GTX Global stock held in the names of offshore companies for proceeds of approximately $32 million. Hagen, Kos and his co-conspirators then wired these funds from the Canadian brokerage firms to bank accounts in the Bahamas, Curacao, Panama, Cyprus, Dubai, Switzerland, and Gibraltar through many US and offshore banks.
Other co-conspirators included David A. Hagen aka David DeFusco, Walter Hannen, Jeremy D. Jayned, aka Lyle Andrews, Donald E. Oehmke, Mark e. Brecher, Mr. R., Howell W. Woltz, Vernice C. Woltz, Samuel T. Currin, and Michael D. Spadaccini.
David Hagen, Mark Brecher, Howell Woltz, Vernice Woltz and Samual Currin have all been convicted and sentenced.
The evidence at trial showed that, from in or about October 2005 through in or about June 2006, Hagen, Kos and his co-conspirators used Canadian brokerage firms to sell approximately 6 million shares of GTX Global stock held in the names of offshore companies for proceeds of approximately $32 million. Hagen, Kos and his co-conspirators then wired these funds from the Canadian brokerage firms to bank accounts in the Bahamas, Curacao, Panama, Cyprus, Dubai, Switzerland, and Gibraltar through many US and offshore banks.
Other co-conspirators included David A. Hagen aka David DeFusco, Walter Hannen, Jeremy D. Jayned, aka Lyle Andrews, Donald E. Oehmke, Mark e. Brecher, Mr. R., Howell W. Woltz, Vernice C. Woltz, Samuel T. Currin, and Michael D. Spadaccini.
David Hagen, Mark Brecher, Howell Woltz, Vernice Woltz and Samual Currin have all been convicted and sentenced.
Tuesday, May 19, 2009
First Vietnamese American Bank one time Director, Chief Executive Officer, and Chief Lending Officer Walter Hannen co-conspirator David H. Hagen convicted of Securities Fraud and International Money Laundering Scheme
According to acting United States Attorney Edward R. Ryan for the Western District of North Carolina
DAVID A. HAGEN CONVICTED OF SECURITIES FRAUD AND INTERNATIONAL MONEY LAUNDERING SCHEME Local Businessman and His Co-Conspirators Made Approximately $28 Million Selling Stock to the Public CHARLOTTE, N.C. -- Acting United States Attorney Edwdard R. Ryan, Owen Harris, Special Agent in Charge of FBI Operations in North Carolina, and Jeannine Hammett, Special Agent in Charge of the Internal Revenue Service-Criminal Investigation, announced that DAVID A. HAGEN was convicted by a jury on Friday, May 15, 2009, after a two-week trial on three counts of conspiracy to commit securities fraud, conspiracy to commit mail/wire fraud, and conspiracy to commit money laundering.
HAGEN, a United States citizen who fled to the Bahamas during the investigation of this matter, was originally arrested on a criminal complaint charging him with joining a multi-million dollar international securities fraud and money laundering conspiracy. HAGEN was arrested at J.F.K. International Airport in Queens, New York in September 2007, as he attempted to enter the United States on a commercial airline flight from Nassau, Bahamas after living in the Bahamas for approximately 18 months. HAGEN was denied bond and has been held in custody since that time.
The evidence at trial showed that HAGEN was the owner of a company in Southern Pines, North Carolina known as Gatelinx Corp. (hereafter, “Gatelinx”). Gatelinx was later merged with a publicly-traded shell company known as Autoleasecheck.com, Inc., which company was quoted on the Pinksheets and traded in the Over-the-Counter market. The merged company was renamed GTX Global Corp. (hereafter, “GTX Global”). Following this merger, HAGEN and his co-conspirators controlled approximately 90% of the company’s stock, but held the stock in the names of offshore companies. The evidence at trial showed that, from October 2005 through in or about June 2006, HAGEN and his co-conspirators engaged in a fraudulent promotional campaign designed to drive up the stock price and trading volume of GTX Global. Specifically, the evidence showed that the co-conspirators created websites fraudulently touting the company’s supposed VoIP technology and misstating the company’s financial condition. In addition, the evidence showed that the company issued press releases designed to mislead the public into believing that HAGEN – who was a two-time federal felon – was not involved in the management of the company. Finally, the evidence showed that HAGEN caused the company to issue Disclosure Statements to the public, which statements falsely stated that no one controlled more than 5% of the company’s stock.
The evidence at trial further showed that, from in or about October 2005 through in or about June 2006, HAGEN and his co-conspirators used Canadian brokerage firms to sell approximately 6 million shares of GTX Global stock held in the names of offshore companies for proceeds of approximately $32 million. HAGEN and his co-conspirators then wired these funds from the Canadian brokerage firms to bank accounts in the Bahamas, Curacao, Panama, Cyprus, Dubai, Switzerland, and Gibraltar.
HAGEN faces a maximum sentence of 45 years imprisonment. HAGEN was also ordered by the jury to forfeit $27.6 million in proceeds from his crimes.
Previously on September 29, 1989, David Hagen DeFusco entered into a plea agreement in which he agreed to waive indictment and plead guilty to charges of money laundering, 18 U.S.C. § 1956(a)(1)(A)(i), and conspiracy to defraud a bankruptcy trustee, 18 U.S.C. § 152, § 371. This plea agreement was tied to a separate plea agreement in which DeFusco agreed to plead guilty to mail fraud charges in the Western District of Texas. DeFusco's wife, Annette Louise DeFusco, also entered into an agreement calling for her to plead guilty to money laundering and conspiracy charges in the Eastern District of Virginia. As part of her agreement, Mrs. DeFusco was not charged in the Western District of Texas
DAVID A. HAGEN CONVICTED OF SECURITIES FRAUD AND INTERNATIONAL MONEY LAUNDERING SCHEME Local Businessman and His Co-Conspirators Made Approximately $28 Million Selling Stock to the Public CHARLOTTE, N.C. -- Acting United States Attorney Edwdard R. Ryan, Owen Harris, Special Agent in Charge of FBI Operations in North Carolina, and Jeannine Hammett, Special Agent in Charge of the Internal Revenue Service-Criminal Investigation, announced that DAVID A. HAGEN was convicted by a jury on Friday, May 15, 2009, after a two-week trial on three counts of conspiracy to commit securities fraud, conspiracy to commit mail/wire fraud, and conspiracy to commit money laundering.
HAGEN, a United States citizen who fled to the Bahamas during the investigation of this matter, was originally arrested on a criminal complaint charging him with joining a multi-million dollar international securities fraud and money laundering conspiracy. HAGEN was arrested at J.F.K. International Airport in Queens, New York in September 2007, as he attempted to enter the United States on a commercial airline flight from Nassau, Bahamas after living in the Bahamas for approximately 18 months. HAGEN was denied bond and has been held in custody since that time.
The evidence at trial showed that HAGEN was the owner of a company in Southern Pines, North Carolina known as Gatelinx Corp. (hereafter, “Gatelinx”). Gatelinx was later merged with a publicly-traded shell company known as Autoleasecheck.com, Inc., which company was quoted on the Pinksheets and traded in the Over-the-Counter market. The merged company was renamed GTX Global Corp. (hereafter, “GTX Global”). Following this merger, HAGEN and his co-conspirators controlled approximately 90% of the company’s stock, but held the stock in the names of offshore companies. The evidence at trial showed that, from October 2005 through in or about June 2006, HAGEN and his co-conspirators engaged in a fraudulent promotional campaign designed to drive up the stock price and trading volume of GTX Global. Specifically, the evidence showed that the co-conspirators created websites fraudulently touting the company’s supposed VoIP technology and misstating the company’s financial condition. In addition, the evidence showed that the company issued press releases designed to mislead the public into believing that HAGEN – who was a two-time federal felon – was not involved in the management of the company. Finally, the evidence showed that HAGEN caused the company to issue Disclosure Statements to the public, which statements falsely stated that no one controlled more than 5% of the company’s stock.
The evidence at trial further showed that, from in or about October 2005 through in or about June 2006, HAGEN and his co-conspirators used Canadian brokerage firms to sell approximately 6 million shares of GTX Global stock held in the names of offshore companies for proceeds of approximately $32 million. HAGEN and his co-conspirators then wired these funds from the Canadian brokerage firms to bank accounts in the Bahamas, Curacao, Panama, Cyprus, Dubai, Switzerland, and Gibraltar.
HAGEN faces a maximum sentence of 45 years imprisonment. HAGEN was also ordered by the jury to forfeit $27.6 million in proceeds from his crimes.
Previously on September 29, 1989, David Hagen DeFusco entered into a plea agreement in which he agreed to waive indictment and plead guilty to charges of money laundering, 18 U.S.C. § 1956(a)(1)(A)(i), and conspiracy to defraud a bankruptcy trustee, 18 U.S.C. § 152, § 371. This plea agreement was tied to a separate plea agreement in which DeFusco agreed to plead guilty to mail fraud charges in the Western District of Texas. DeFusco's wife, Annette Louise DeFusco, also entered into an agreement calling for her to plead guilty to money laundering and conspiracy charges in the Eastern District of Virginia. As part of her agreement, Mrs. DeFusco was not charged in the Western District of Texas
Friday, January 30, 2009
2nd time: FDIC Order to CEASE and DESIST in the matter of First Vietnamese American Bank Docket FDIC-06-195b
The FDIC Enforcement Decisions and Orders (ED&O) contains the full text of the formal enforcement actions against financial institutions that are regulated by the FDIC or against their affiliated parties. The ED&O is updated on a monthly basis.
The fist order to Cease and Desist issued by the FDIC to First Vietnamese American Bank was issued on 12/22/2006. The Bank opened its doors in mid 2005 to great fanfare. The second order to Cease and Desist (15 pages long) issued by the FDIC to First Vietnamese American Bank was issued on 01/29/2009 just 25 months later. The FDIC and the CDFI (Calfirornia Department of Financial Institutions considered the matter and determined that they had reason to believe that the Bank had engaged in unsafe or unsound banking practices. The FDIC and the CDFI, therefore, accepted the CONSENT AGREEMENT and issued the following: http://www.fdic.gov/bank/individual/enforcement/2009-02-42.pdf
The fist order to Cease and Desist issued by the FDIC to First Vietnamese American Bank was issued on 12/22/2006. The Bank opened its doors in mid 2005 to great fanfare. The second order to Cease and Desist (15 pages long) issued by the FDIC to First Vietnamese American Bank was issued on 01/29/2009 just 25 months later. The FDIC and the CDFI (Calfirornia Department of Financial Institutions considered the matter and determined that they had reason to believe that the Bank had engaged in unsafe or unsound banking practices. The FDIC and the CDFI, therefore, accepted the CONSENT AGREEMENT and issued the following: http://www.fdic.gov/bank/individual/enforcement/2009-02-42.pdf
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