Fed announces intent to ban California banker

The Federal Reserve Board announced yesterday it has filed a Notice of Intent to prohibit and to issue a cease and desist order requiring restitution or reimbursement against Mai Ly-Vu, a former branch manager and vice president of Pacific Premier Bank, Irvine, California. If finalized, the Fed would ban her from the banking industry and require her to pay $18,700 in restitution to the bank. Ly-Vu is alleged to have engaged in unsafe or unsound banking practices and breach of fiduciary duty by failing to disclose her personal financial interests in extensions of credit by the bank to companies owned by her husband and other members of her immediate family.