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UNITED STATES OF AMERICA
BEFORE THE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, DC
X
Docket No. 0 2 - 0 1 0 - B - I 3
I n the Matter of
William Chiang (a.k.a.
William W.H. Chiang, a.k.a.
Wen-Hui Chiang)
Order of Restitution
Issued Upon Consent
Pursuant to the Federal
Deposit Insurance Act
As Amended
A Former InstitutionAffiliated Party of
Great Eastern Bank
Flushing, New York
A State Member Bank
WHEREAS, pursuant to Sections 8(b)(6) of the Federal Deposit Insurance Act,
as amended (the "FDI Act") (12 U.S.C.
5 1818(b)(6)), the Board of Governors of the Federal
Reserve System (the "Board of Governors") issues this Order of Restitution (the "Order") against
W!liam Chian:: ("Chimny"). a former director and institution-affiliated party, a- defined in
Section 3(u) ofthe FDI Act (12 U.S.C.
5
1813(u)), of Great Eastern Bank, Flushing, New York
("GEB"), a state member bank, for his alleged breaches of fiduciary duties to GEB and its
customers, his alleged violations of law and regulations, and alleged unsafe and unsound banking
practices in connection with the approval and disbursement of a $1 million payment to a business
entity in which Chiang and other GEB directors had a direct financial interest, and approval of
allegedly misleading records that were created to disguise the true nature of the self-dealing
transaction;
WHEREAS, by affixing his signature hereunder, Chiang has consented to the
issuance of this Order by the Board of Governors and has consented to comply with each and
every provision of this Order, and has waived any and all rights he might have pursuant to
12 U.S.C. 5 1818 or 12 C.F.R. Part 263, or otherwise (a) to the issuance of restitution Order;
(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
c'lallmge or contest in any manner the basis, issuance^ validity, terms: effectiveness.
01
enforceability of this Order or any provision hereof;
NOW, THEREFORE, prior to the taking of any testimony or adjudication of
findings on any issue of fact or law implied or set forth herein, and without this Order
constituting an admission of any allegation made or implied by the Board of Governors in
connection herewith, and solely for the purpose of settlement of this matter without protracted or
extended proceedings:
IT IS HEREBY ORDERED, pursuant to Sections 8@)(6) of the FDI Act that:
1. Chiang shall make restitution to GEB in the sum of $50,000 (fifty thousand
U.S. dollars). A copy of this certified check or money order shall be forwarded to Jennifer J.
Johnson. Secretary ofthe Board, Board of Governors of the Federal Reserve System,
Washington, DC 20551.
2. All communications regarding this Order shall be addressed to:
(a)
Mr. Thomas Oravez
Senior Vice President
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045
2
(b)
William Chiang
c/o Lee S. Richards, 111, Esq.
Richards, Spears, Kibbe & Orbe
One Chase Manhattan Plaza, 57Ih Floor
New York. NY 10005
(c)
Jodi C. Remer
Counsel
Federal Reserve Bank of New York
Legal Department
33 Liberty Street
New York, NY 10045
with copies to:
3. 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 Chiang, provided, however, that the Board of Governors or any other entity of the
Federal Reserve System shall not take any further action against Chiang based upon information
presently known by the Board of Governors relating to the matters addressed by this Order.
4. Each provision of this Order shall remain effective and enforceable until
stayed, modified, terminated, or suspended in writing by the Board of Governors
By order of the Board of Governors of the Federal Reserve System, effective this
day o f J u n f i O 2 .
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
William Chiang
#82680
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UNITED STATES OF AMERICA
BEFORE THE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, DC
)DocketNo. 02-010-B-I4
In the Matter of
1
1
Paul Lee
) Order of Restitution
) Issued Upon Consent
) Pursuant to the Federal
) Deposit Insurance Act
) As Amended
A Former InstitutionAffiliated Party of
Great Eastern Bank
Flushing, New York
A State Member Bank
1
1
1
1
WHEREAS, pursuant to Sections 8(b)(6) of the Federal Deposit Insurance Act,
as amended (the "FDI Act") (12 U.S.C.
35 1818(b)(6),the Board of Governors ofthe Federal
Reserve System (the "Board of Governors") issues this Order of Restitution (the "Order") against
Paul Lee ("Lee"), a former director and institution-affiliated party, as defined in Section 3(u) of
the FDI Act (12 U.S.C. 3 1813(u)), of Great Eastern Bank, Flushing, New York ("GEB"), a state
member bank, for his alleged breaches of fiduciary duties to GEB and its customers, his alleged
violations of law and regulations, and his alleged unsafe and unsound banking practices in
connection with the approval and disbursement of a $1 million payment to a business entity in
which Lee and other GEB directors had a direct financial interest and the approval of misleading
records that were created to disguise the true nature of the self-dealing transaction;
WHEREAS, by affixing his signature hereunder, Lee has consented to the
issuance of this Order by the Board of Governors and has consented to comply with each and
every provision of this Order, and has waived any and all rights he might have pursuant to
12 U.S.C.
5 1818 or 12 C.F.R. Part 263, or otherwise (a) to the issuance of restitution Order; (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
findings on any issue of fact or law implied or set forth herein, and without this Order
constituting an admission of any allegation made or implied by the Board of Governors in
connection herewith, and solely for the purpose of settlement of this matter without protracted or
extended proceedings:
IT IS HEREBY ORDERED, pursuant to Sections 8(b)(6) of the FDI Act that:
1.
Lee shall make restitution to GEB in the sum of $50,000. This amount
represents the principal amount of Lee’s financial gain as well as interest because of his alleged
breaches of fiduciary duty. A copy of the payment order(s) or wire transfer(s) shall be forwarded
to Jennifer J. Johnson, Secretary of the Board, Board of Governors of the Federal Reserve
System, Washington, DC 2055 1.
2.
All communications regarding this Order shall be addressed to:
(a)
Mr. Thomas Oravez
Senior Vice President
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045
(b)
Mr. Paul Lee
c/o Robert A. Kramer. Esa
with copies to:
(c)
3.
Jodi C. Remer
Counscl
Federal Reserve Bank of New York
Legal Department
33 Liberty Street
New York, NY 10045
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 Lee, provided, however, that the Board of Governors shall not take any further action
against Lee based upon information presently known by the Board of Governors relating to the
matters addressed by this Order
4.
Each provision of this Order shall remain effective and enforceable until
stayed, terminated, or suspended in writing by the Board of Governors.
'-
By order of the Board of Governors of the Federal Reserve System, effective this 2&
day o f x L I s
,2002
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
1
#81075 v2
[.&Secretary of the Board
UNITED STATES OF AMERICA
BEFORE THE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, DC
X
Docket No. 0 2 - 0 1 0 - B - I 5
In the Matter of
Joseph C.C. Kuo
A Former InstitutionAffiliated Party of
Order of Restitution
Issued Upon Consent
Pursuant to the Federal
Deposit Insurance Act
As Amended
Great Eastern Bank
Flushing, New York
A State Member Bank
WHEREAS, pursuant to Sections 8(b)(6) of the Federal Deposit Insurance Act,
as amended (the "FDI Act") (12 U.S.C.
5 1818(b)(6)), the Board of Governors ofthe Federal
Reserve System (the "Board of Governors") issues this Order of Restitution (the "Order")
against Joseph C.C. Kuo ("J. Kuo"), a former director and institution-affiliated party, as
defined in Section 3(u) of the FDI Act (12 U.S.C. 5 1813(u)), of Great Eastern Bank, Flushing,
New York ("GEB"), a state member bank, for his alleged breaches of fiduciary duties to GEB
and its customers, his alleged violations of law and regulations, and alleged unsafe and unsound
banking practices in connection with the approval and disbursement of a $1 million payment to a
business entity in which J. Kuo and other GEB directors had a direct financial interest and the
approval of misleading records that were created to disguise the true nature of the self-dealing
transaction;
WHEREAS, by affixing his signature hereunder, J. Kuo has consented to the
issuance of this Order by the Board of Governors and has consented to comply with each and
every provision of this Order, and has waived any and all rights he might have pursuant to
12 U.S.C. 5 1818 or 12 C.F.R. Part 263, or otherwise (a) to the issuance of restitution Order;
(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
findings on any issue of fact or law implied or set forth herein, and without this Order
constituting an admission of any allegation made or implied by the Board of Governors in
connection herewith, and solely for the purpose of settlement of this matter without protracted or
extended proceedings:
IT IS HEREBY ORDERED, pursuant to Sections 8(b)(6) of the FDI Act that:
1. J. Kuo shall make restitution to GEB in the sum of $50,000 (fifty thousand U.S
dollars). This amount represents the principal amount of J. Kuo’s financial gain as well as
interest because of his alleged breaches of fiduciary duty. A copy of this transfer shall be
forwarded to Jennifer J. Johnson, Secretary of the Board, Board of Governors of the Federal
Reserve System, Washington, DC 20551.
2. All communications regarding this Order shall be addressed to:
(a)
Mr. Thomas Oravez
Senior Vice President
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045
(b)
Joseph C.C. Kuo
c/o James R. DeVita, Esq.
Bryan Cave LLP
245 Park Avenue
27'h Floor
New York, NY 10167-0034
(c)
Jodi C. Remer
Counsel
Federal Reserve Bank of New York
Legal Department
33 Liberty Street
New York, NY 10045
with copies to:
3. 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 J. Kuo, provided, however, that the Board of Governors shall not take any further
action against J. Kuo relating to the matters addressed by this Order.
4. Each provision of this Order shall remain effective and enforceable until
stayed, modified, terminated, or suspended in writing by the Board of Governors.
By order of the Board of Governors of the Federal Reserve System, effective this
i?i&-e
day of
-,
2002.
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
%ecretary ofthe Board
U82506
3
3-L
t-h
UNITED STATES OF AMERICA
BEFORE THE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, DC
X
Docket No.
02-010-B-I6
In the Matter of
Lih Yuh Kuo,
a.k.a. Lihli Kuo, a.k.a. Lili Kuo
Order of Restitution
Issued Upon Consent
Pursuant to the Federal
Deposit Insurance Act
As Amended
A Former InstitutionAffiliated Party of
Great Eastern Bank
Flushing, New York
A State Member Bank
X
WHEREAS, pursuant to Sections 8(b)(6) of the Federal Deposit Insurance Act,
as amended (the "FDI Act") (12 U.S.C. 5 1818(b)(6)), the Board of Governors of the Federal
Reserve System (the "Board of Governors") issues this Order of Restitution (the "Order") against
Lihli Kuo ("L. Kuo"), a former director and institution-affiliated party, as defined in Section 3(u)
ofthe FDI Act (12 U.S.C.
5
1813(u)), of Great Eastern Bank, Flushing, New York ("GEB"), a
state member bank, for her breaches of fiduciary duties to GEB and its customers, her violations
of law and regulations, and unsafe and unsound banking practices in connection with the
approval and disbursement of a $1 million payment to a business entity in which L. Kuo and
other GEB directors had a direct financial interest and the approval of misleading records that
were created to disguise the true nature of the self-dealing transaction;
WHEREAS, by affixing her signature hereunder, L. Kuo has consented to the
issuance of this Order by the Board of Governors and has consented to comply with each and
every provision of this Order, and has waived any and all rights she might have pursuant to
12 U.S.C.
5 1818 or 12 C.F.R. Part 263, or otherwise (a) to the issuance of restitution Order;
(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
findings on any issue of fact or law implied or set forth herein, and without this Order
constituting an admission of any allegation made or implied by the Board of Governors in
connection herewith, and solely for the purpose of settlement of this matter without protracted or
extended proceedings:
IT IS HEREBY ORDERED, pursuant to Sections 8(b)(6) of the FDI Act that:
1. L. Kuo shall make restitution to GEB in the sum of $50,000 (fifty thousand
U S . dollars). This amount represents the principal amount of L. Kuo’s financial gain as well as
interest because of her alleged breaches of fiduciary duty. A copy of this certified check or
money order shall be forwarded to Jennifer J. Johnson, Secretary of the Board, Board of
Governors of the Federal Reserve System, Washington, DC 20551, no later than ten days after
this Order is fully executed.
2. All communications regarding this Order shall be addressed to:
(a)
Mr. Thomas Oravez
Senior Vice President
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045
2
(b)
Lih Yuh Kuo
c/o Gary C. DiLeonardo, Esq.
118-35 Queens Boulevard
Forest Hills, NY 11375
(c)
Jodi C. Remer
Counsel
Federal Reserve Bank of New York
Legal Department
33 Liberty Street
New York, NY 10045
with copies to:
3. 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 L. Kuo, provided, however, that the Board of Governors shall not take any further
action against L. Kuo based upon information presently known by the Board of Governors
relating to the matters addressed by this Order.
4. Each provision of this Order shall remain effective and enforceable until
stayed, modified, terminated, or suspended in writing by the Board of Governors
By order of the Board of Governors of the Federal Reserve System, effective thi&L
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
,
.-
#82909
3
tL>
UNITED STATES OF AMERICA
BEFORE THE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, DC
X
Docket No. 02-010-B-I7
In the Matter of
Ching-Tseh Yao
Order of Restitution
Issued Upon Consent
Pursuant to the Federal
Deposit Insurance Act
As Amended
A Former InstitutionAffiliated Party of
Great Eastern Bank
Flushing, New York
A State Member Bank
X
WHEREAS, pursuant to Sections 8(b)(6) of the Federal Deposit Insurance Act,
as amended (the "FDI Act") (12 U.S.C. Q 1818(b)(6)), the Board of Governors of the Federal
Reserve System (the "Board of Governors") issues this Order of Restitution (the "Order") against
Ching-Tseh Yao ("Yao"), a former director and institution-affiliated party, as defined in
Section 3(u) of the FDI Act (12 U.S.C. Q 1813(u)), of Great Eastern Bank, Flushing, New York
("GEB"), a state member bank, for his alleged breaches of fiduciary duties to GEB and its
customers, his alleged violations of law and regulations, and alleged unsafe and unsound banking
practices in connection with the approval and disbursement of a $1 million payment to a business
entity in which Yao and other GEB directors had a direct financial interest and the approval of
misleading records that were created to disguise the true nature of the self-dealing transaction;
WHEREAS, by affixing his signature hereunder, Yao has consented to the
issuance of this Order by the Board of Governors and has consented to comply with each and
every provision of this Order, and has waived any and all rights he might have pursuant to
12 U.S.C. fj 1818 or 12 C.F.R. Part 263, or otherwise (a) to the issuance ofrestitution Order;
(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
findings on any issue of fact or law implied or set forth herein, and without this Order
constituting an admission of any allegation made or implied by the Board of Governors in
connection herewith, and solely for the purpose of settlement of this matter without protracted or
extended proceedings:
IT IS HEREBY ORDERED, pursuant to Sections 8(b)(6) of the FDI Act that:
1. Yao shall make restitution to GEB in the sum of $50,000 (fifty thousand U.S.
dollars). This amount represents the principal amount of Yao’s financial gain as well as interest
because of his alleged breaches of fiduciary duty. A copy of this transfer shall be forwarded to
Jennifer J. Johnson, Secretary of the Board, Board of Governors of the Federal Reserve System,
Washington, DC 20551.
2. All communications regarding this Order shall be addressed to:
(a)
Mr. Thomas Oravez
Senior Vice President
Federal Reserve Bank of New York
33 Liberty Street
New York. NY 10045
2
(b)
Ching-Tseh Yao
c/o James R. DeVita, Esq.
Bryan Cave LLP
245 Park Avenue
27'h Floor
New York, NY 10167-0034
(c)
Jodi C. Remer
Counsel
Federal Reserve Bank of New York
Legal Department
33 Liberty Street
New York, NY 10045
with copies to:
3. The provisions of this Order shall not bar, estop, or otherwise prevent the
Board of Governors, or any federal or state agency or department from taking any other action
affecting Yao, provided, however, that the Board of Governors shall not take any further action
against Yao relating to the matters addressed by this Order.
4. Each provision of this Order shall remain effective and enforceable until
stayed, modified, terminated, or suspended in writing by the Board of Governors.
By order of the Board of Governors of the Federal Reserve System, effective this 3 k t 5
-n-
fCZMV',t
day of
ay
-1
2002
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
By:
)
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/$nifer
.I.Iohn6oh
' Secretary of the Boakd
#82507
3
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