Remember Mark Todd? He’s the former VP of Farmers and Traders State Bank in Shabbona who got himself appointed DeKalb County Treasurer, ran unopposed for the same office as the bank failed, and then resigned to move to Hawaii.
The Federal Deposit Insurance Corporation (FDIC) is just finishing up with him.
The FDIC considered the matter and determined it had reason to believe that:
(a) The Respondent has engaged or participated in violations, unsafe or unsound banking practices, and/or breaches of fiduciary duty as an institution-affiliated party of Farmers’ and Traders’ State Bank, Shabbona, Illinois (“Bank”);
(b) By reason of such violations, practices acid/or breaches of fiduciary duty, the Bank has suffered financial loss or other damage, the interests of the Bank’s depositors have been or could be prejudiced, and Respondent has received financial gain or other benefit; and
(c) Such violations, practices and/or breaches of fiduciary duty involve personal dishonesty on the part of the Respondent or demonstrate the Respondent’s willful or continuing disregard for the safety or soundness of the Bank.
The FDIC further determined that such violations, practices and/or breaches of fiduciary duty demonstrate the Respondent’s unfitness to serve as a director, office, person participating in the conduct of the affairs, or as an institution-affiliated party, of the Bank, any other insured depository institution, or any other agency or organization enumerated in section 8(e)(7)(A) of the Act, 12 U.S.C. § 1818(e)(7)(A).
Todd has waived his right to a hearing on the above allegations and entered into an agreement with FDIC that he is prohibited (except with express written permission from FDIC) from “participating in any manner in the conduct of the affairs of any financial institution or organization” including voting for directors and so on.
To read the prohibition order yourself, go here to find and download the PDF file.