Illinois banker fined for taking loans to new employer
Stacy Folkers, formerly a residential loan originator at Barrington Bank & Trust Company, N.A., Barrington, Illinois, consented with the OCC to the issuance of an Order to Cease and Desist and to pay a $7500.00 civil money penalty. The Comptroller found, and Folkers neither admitted nor denied, that:
From January to February 2015, while she was a bank employee, Folkers sent records related to 24 actual or prospective bank customers to a competitor financial institution where she had accepted a position. Folkers obtained records and signatures from these customers in order to close their loans at the competitor financial institution. At least six of those customers obtained a combined $1.14 million in mortgages from that institution. Folkers diverted the loan opportunities even though her employment agreement with the bank prohibited soliciting business to a competitor, disclosing loan application information to a third party, and working as an agent for another lending business.