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For
immediate
release
The Federal
of an Order
officer
New York
agency
Jakarta,
Indonesia.
Mr.
,.
today
Steven
without
of PT Bank
announced
King,
institution-affiliated
of the PT Bank Negara
King,
A copy
Board
against
and
to the issuance
embezzlement
Attachment
Reserve
of Prohibition
administration
consented
April
admitting
of the Order
Negara
of the Order
Indonesia
18, 1997
the issuance
a former
loan
party
of the
(Persero),
to any allegations,
due
funds.
is attached.
to his alleged
I
UNITED STATES OF AMERICA
BEFORE THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, D.C.
)
In the Matter of
1
Docket No. 97_D01_E-I
)
)
1
1
STEVEN KING
An Institution-Affiliated
)
Party of the New York Agency of
)
PT. BANK NEGAPA INDONESIA (PERSERO))
Jakarta, Indonesia
)
)
Order of Prohibition
Issued Upon Consent
Pursuant to the Federal
Deposit Insurance Act,
As Amended
)
)
WHEREAS, pursuant to Sections B(e) and (i) (3) of the
Federal Deposit Insurance
§§ 1818(e) and (i) 0)).
Reserve System
former
party,
as amended
(the "Act") (12 U.S.C.
the Board of Governors of the Federal
(the "Board of Governors") issues this consent
Order of Prohibition
a
Act,
(the "Order") against Steven King ("King"),
loan administration officer and institution-affiliated
as defined in Sections 3(u) and B(b) (4) of the Act
(12 U.S.C. §§ 1813(u) and 1818(b) (4)). of the New York agency
of PT. Bank Negara Indonesia (Persero), Jakarta, Indonesia
("Neyara") ,
in
connection with his embezzlement of Negara funds;
2
WHEREAS, on October 6, 1995, King pled guilty to one
count of grand larceny in connection with his embezzlement of
Negara funds; and
WHEREAS, by affixing his signature hereunder, King has
consented to the issuance of this Order by the Board of Governors
and has waived any and all rights he might otherwise have
pursuant to 12 U.S.C. § 1818, 12 C.F.R. Part 263, or otherwise:
(a) to the issuance of a notice of intent to prohibit;
(b) to a
hearing for the purpose of taking evidence with respect to any
matter implied or set forth in this Order;
(c) to obtain judicial
review of this Order or any provision hereof; and (d) to
challenge or contest in any manner the basis, issuance, validity,
terms, effectiveness or enforceability of this Order or any
provision hereof.
NOW, THEREFORE, prior to the taking of any testimony or
adjudication of or finding on any issue of fact or law implied or
set forth herein and without this Order constituting an admission
by King of any allegation made or implied by the Board of
Governors in connection with this proceeding and solely for the
3
purpose of settlement of this matter without protracted or
extended proceedings:
IT IS HEREBY ORDERED, pursuant to Sections 8(e), (i) (3)
and (j) of the Act (12 U.S.C. §§ 1818(e), (i) (3) and Cj)), that:
1.
King, without the prior written approval of
the Board of Governors, and, where necessary pursuant to
Section 6(e) (7) (B) of the Act (12 U.S.C. 5 1818(e) (7) (B)), of
another Federal financial institution regulatory agency, is
hereby and henceforth prohibition from:
(a)
Participating in any manner in the conduct
of the affairs of any institution or agency specified in
Section 8(e) (7) (A) of the Act
(12 U.S.C. 5 1818(e) (7) (A)),
including without limitation, any insured depository institution
or any U.S. branch or agency of a foreign bank;
(b)
soliciting, procuring, transferring, attempting
to transfer, voting or attempting to vote any proxy, consent
or authorization with respect to any voting rights in any
institution specified in Section E(e) (7) (A) of the Act;
4
(c)
violating any voting agreement previously approved
by any Federal banking agency; or
(d)
voting for a director, or serving or acting as an
institution-affiliated
party, such as an officer, director or
employee in any institution specified in Section 8(e) (7) (A) of
the Act.
2.
Any violation of this Order shall separately
subject King to appropriate civil or criminal penalties or
both under Sections 8(i) and Cj) of the Act (12 U.S.C.
55 1818(i) and (j)).
3.
This Order, and each and every provision hereof.
is and shall remain fully effective and enforceable until
expressly stayed, modified, terminated or suspended in writing by
the.Board of Governors.
4.
addressed to:
All communications regarding this Order shall be
5
5.
(a)
Mr. William L. Rutledge
Senior Vice President
Examinations Department
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045
(b)
Mr. Steven King
c/o Joseph Macy, Esq.
Berkman, Henoch, Peterson & Peddy, P.C.
777 Zeckendorf Boulevard
Garden City, NY 11530
The provisions of this Order shall not bar, estop,
or otherwise prevent the Board of Governors or any Federal or
State agency or department from taking any other action affecting
.
King.
By order of the Board of Governors, effective this
/6e
day of &p:/
,
1997.
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
r
By: &!!&/!!
William W. Wiles
Secretary of the Board