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UNITED
BOARD
STATES
BEFORE
OF GOVERNORS
FEDERAL
In the Matter
OF AMERICA
THE
OF THE FEDERAL
DEPOSIT
INSURANCE
SYSTEM
CORPORATION
of
Docket
)
KANG
RESERVE
No.
96-038-E-I
SO0 LEE
and
)
Institution-Affiliated
Pa rty of the Flushing Branch
FDIC-97-034e
An
of
1
)
)
Korea Exchange Bank
Flushing,
New York
(STATE LICENSEDINSURED
OF A FOREIGN BANK)
Order of Prohibition
Issued Upon Consent
1
)
)
)
BRANCH
and
Korea Exchange,Bank
Seoul, South Korea
WHEREAS,
Federal
Deposit
1818(e)
and
Reserve
System
Insurance
Flushing,
Act,
(the "Board
3(u)
and
and
of Governors")
against
issue
Kang
8(b) 14) of the Act
of the Flushing
a state
branch
licensed
and
(i) (3) of the
(the "Act")
of Governbrs
institution-affiliated
New York,
8(e)
as amended
(the "FDIC")
(the "Order")
1818(b) (4) ),
to sections
(il (3)), the Board
officer
sections
Insurance
Corporation
Prohibition
former
pursuant
(12 U.S.C.
of the Federal
and the Federal
this
consent
Soo Lee
party,
(12 U.S.C.
of the Korea
insured
Deposit
Order
("Lee"),
a
as defined
1813(u)
Exchange
branch
of
in
and
Bank,
of the Korea
I
2
Exchange
due
Bank,
Seoul,
to his alleged
the time
he was
an officer
and
to the
the FDIC
have
pursuant
Part
308,
Korea
by affixing
issuance
or otherwise
1818,
with
to any matter
and
issuance,
this
judicial
Order
or any provision
NOW,
adjudication
set
forth
THEREFORE,
made
in connection
purpose
extended
without
of settlement
hearings
(j) of the Act
otherwise
12 C.F.R.
of intent
of taking
in this
evidence
Order;
or any provision
in any manner
the basis,
or enforceability
of
hereof.
the taking
on any
issue
this Order
of any
by the Board
of this proceeding
or
of fact or law implied
constituting
this proceeding,
testimony
and
an admission
of Governors
solely
without
or
of
or the
for the
protracted
or
or testimony:
IT IS HEREBY
and
effectiveness
263,
has
of Governors
of a notice
Order
or contest
or implied
with
Part
during
Lee
he might
or set forth
of this
before
of or finding
herein;
any allegation
FDIC
implied
review
terms,
hereunder,
for the purpose
(d) to challenge
validity,
12 C.F.R.
bank,
and
by the Board
(a) to the issuance
(b) to a hearing
hereof;
signature
Order
funds
branch;
any and all rights
to prohibit;
(c) to obtain
his
of this
to 12 U.S.C.
a foreign
of the Bank's
of the Flushing
and has waived
respect
(the "Bank"),
misappropriation
WHEREAS,
consented
South
ORDERED,
(12 U.S.C.
pursuant
1818(e),
to sections
(i) (3) and
8(e),
(i) (3)
(j)), that:
3
1.
Board
without
Lee,
of Governors,
the prior
the FDIC,
and,
written
where
approval
necessary
of the
pursuant
to
section
8(e) (7) (B) of the Act
(12 U.S.C.
1818(e) (7) (B)), another
federal
financial
regulatory
agency,
henceforth
institution
prohibited
(a)
the affairs
section
(12 U.S.C.
or any U.S.
not
attempting
branch
or savings
or authorization
described
Cc)
by any
Cd)
voting
of the Act.
in any
bank;
transferring,
to vote
agreement
any proxy,
rights
in
such
described
previously
or
for a director,
institution
company
8(e) (7)(A) of the Act;
agency;
party,
holding
to any voting
any voting
banking
as an institution-affiliated
or employee,
respect
in section
violating
federal
association
or attempting
with
in
depository
procuring,
voting,
of
1818(e) (7) (A)),
of a foreign
soliciting,
in the conduct
specified
to, any insured
or agency
to transfer,
institution
approved
limited
or any bank
(b)
any
in any manner
8(e) (7) (A) of fhe Act
institution,
consent,
Participating
or agency
but
and
from:
institution
including,
of any
is hereby
or serving
or acting
as an officer,
in section
director
8(e) (7) (A)
4
2.
subject
under
section
shall
stayed,
This
Order,
fully
modified,
4.
criminal
8 of the Act
remain
of Governors
addressed
of this
Lee to appropriate
3.
and
Any violation
Order
or civil
(12 U.S.C.
and each
effective
terminated
shall
separately
penalties
or both
provision
hereof,
1818).
and every
and enforceable
or suspended
until
in writing
expressly
by the Board
and the FDIC.
All
communications
regarding
this
Order
shall
to:
(a)
Mr. Robert A. O'Sullivan
Senior Vice President
Federal Reserve Bank of New York
33 Liberty Street
10045
New York, New York
(b)
Ms. Barbara A. Monheit
Regional Counsel
Federal Deposit Insurance Corporation
New York Regional Office
452 Fifth Avenue
100182796
New York, New York
(c)
Mr. Kang So0 Lee
#103-206 Hyundai Apt.
202-5, Hongeun-3dong,
Seoul, 120-103, Korea
Seodaemun-ku
is
be
5
5.
or otherwise
federal
action
The provisions
prevent
or state
affecting
the Board
agency
Order
shall
of Governors,
or department
from
not bar,
the FDIC,
taking
estop,
or any
any other
Lee.
By order
/'$*
of this
of the Board
day of
/@&,v
of Governors
effective
this
, 1997.
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
By&!&&.-j-j
William W. Wiles
Secretary of the Board
By order
pursuant
of the Federal
to delegated
,'
:
authority
Deposit
this
1st
Insurance
Corporation
day of October
1997.
FEDERAL
DEPOSIT INSURANCE
CORPORATION
Acting Associate Director
Division of Supervision
,