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#2003344 - 03/23/15 05:12 PM Plaza Bank pays $1.225 million
Retread Offline
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Retread
Joined: Oct 2003
Posts: 2,548
Southeast
Another bank was caught up in Operation Chokepoint. This is more bizarre than Commerce West.

$1.225 million
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#2003354 - 03/23/15 05:45 PM Re: Plaza Bank pays $1.225 million Retread
JWills, CRCM Offline
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JWills, CRCM
Joined: May 2013
Posts: 1,774
The Mitten State
Wow, I just read it. Talk about dumb.
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#2003413 - 03/23/15 07:43 PM Re: Plaza Bank pays $1.225 million Retread
HappyGilmore Offline
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Joined: Jun 2004
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Pulling people out of the ditc...
the COO was part owner of the TPPP and the chief compliance officer was not aware of it? wow...
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#2003425 - 03/23/15 08:11 PM Re: Plaza Bank pays $1.225 million Retread
mtngrrl Offline
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mtngrrl
Joined: Mar 2011
Posts: 497
Northern California
How about: "Plaza officials spent months debating whether the revenues these transactions were generating outweighed the possible risk to the Bank."

Ugh...
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#2003428 - 03/23/15 08:15 PM Re: Plaza Bank pays $1.225 million Retread
HappyGilmore Offline
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Pulling people out of the ditc...
I originally missed the part where the Bank CEO also owned a stake in the TPPP, and he and the COO signed for the TPPP and Bank on the agreements...

yikes
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#2003444 - 03/23/15 08:56 PM Re: Plaza Bank pays $1.225 million Retread
TryingtoComply Offline
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Joined: Apr 2013
Posts: 2,180
The West
This bank has had some turnover in the BSA department. Now I know why.
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#2003450 - 03/23/15 09:15 PM Re: Plaza Bank pays $1.225 million Retread
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,008
Galveston, TX
I think you might see some criminal prosecution later.
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#2003481 - 03/24/15 01:37 AM Re: Plaza Bank pays $1.225 million Retread
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
One of the most flagrant and blatant cases of bank greed and corruption I have seen or read about. The key players in this fiasco should not only pay some stiff penalties, but also do time.
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#2003490 - 03/24/15 11:40 AM Re: Plaza Bank pays $1.225 million Retread
Elwood P. Dowd Offline
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Joined: Aug 2001
Posts: 21,939
Next to Harvey
To pick one lesson from an array of possibilities, search the document linked for references to "compliance officer" (the term used to describe the BSA officer). As you go from one instance to the next it will be obvious that she left a paper/electronic trail of her objections over a period of years.

Her communications are a critical element of the government's case. More to my point, they are her only defense to a charge of misfeasance.

If, as a BSA officer, you cannot alter your bank's course, at least try to preserve your reputation and your career by leaving evidence that the people in power knew what was happening as well as your opinion on what should be done about it. Keep copies at home.

Saying that you made strenuous verbal objections won't amount to much after the fact. Those who were in power are certainly not going to corroborate your self serving statements that you provided them with the appropriate information and advice. They will simply say they have no memory of your having done so, but that they certainly would have acted if you did...
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#2003751 - 03/24/15 08:44 PM Re: Plaza Bank pays $1.225 million Retread
Princess Romeo Offline

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Princess Romeo
Joined: Jun 2001
Posts: 8,272
Where the heart is
One has to wonder where the Audit Committee of the Board was in all of this.

However, having worked at a Bank where my communications to the board were filtered by management, perhaps they never got to hear from the BSA Officer without management interference. That was another reason why I left that place when I did.
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#2003806 - 03/25/15 09:40 AM Re: Plaza Bank pays $1.225 million Retread
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
I laughed when I reached the part about transferring accounts to First Bank of Delaware. Good choice.
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#2004001 - 03/25/15 06:13 PM Re: Plaza Bank pays $1.225 million Retread
el guapo Offline
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el guapo
Joined: Jul 2004
Posts: 345
Whenever I read about these nightmare situations I wonder how it is my old boss gets around so much!

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