Former NJ banker banned and fined $15K
The FDIC has issued an Assessment of a $15,000 civil money penalty and an Order of Removal from Office and Prohibition from Further Participation in any manner in the conduct of the affairs of any financial institution to Robert James Bortolotti, former chief lending officer of First Choice Bank, Lawrenceville, New Jersey. The FDIC found that Bortolotti knowingly originated loans and extended the maturity dates on existing loans to borrowers despite their inability to repay the loans, and caused inaccurate. past-due reports on the loans to be provided to the Board of Directors of the Bank (Board), thereby preventing the Board from discovering that the borrowers were not making their payments to the Bank on a timely basis.
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