California Real Estate Fraud Report

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United Commercial Bank Loan Officer Fined by FDIC

The Federal Deposit Insurance Corporation (FDIC) has announced that it has fined the chief loan officer of Circle Bank a whopping $100,000 for making “false statements and omissions” to the FDIC and bank examiners when he worked for United Commercial Bank.

Not only could Christian Lee be punished financially for “imped(ing) the bank examination process, or conceal(ing) the true nature of a bank’s financial condition from examiners, auditors, or the public”, he could be banned from working from any FDIC-insured institution, which would cost him his current job. Sandra Thompson, the director of the FDIC’s division of risk management supervision referred to Lee’s actions as “very serious misconduct” and said “the FDIC will respond accordingly.”

Lee and the nine other former United Commercial Bank officers face an administrative law hearing, before which the FDIC will plead for the harsh penalties.

United Commercial Bank, which received $298 million in TARP (Troubled Asset Relief Program) money, filed for bankruptcy soon after. It was considered one of the largest bank failures and, along with others, drained more than $2.5 billion from the FDIC’s coffers.

Read the original article in the Marin Independent Journal.


© Copyright 2007-2018 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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