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7/26/24, 1:35 PM FRB: Press Release -- Order of Prohibition against Michael Wachs -- February 6, 1998 Release Date: February 6, 1998 For immediate release The Federal Reserve Board today announced the issuance of an Order of Prohibition against Michael Wachs, a former Managing Director and institution-affiliated party of the Chase Manhattan Corporation, New York, New York, a registered bank holding company, and Chase Securities, Inc., a nonbank subsidiary of Chase Manhattan Corporation. Mr. Wachs, without admitting to any allegations, consented to the issuance of the Order as a result of his alleged engagement in a fraudulent scheme to purchase Chase Manhattan Corporation assets by means of a fraudulent bidding process and to obtain a profit from the immediate resale of those assets. A copy of the order is attached. Order (138 KB PDF) 1998 Enforcement actions Home | News and events Accessibility Last update: February 11, 1998, 12:00 PM https://www.federalreserve.gov/boarddocs/press/enforcement/1998/19980206/ 1/1