Former Tulsa banker ordered to return funds

The former president of a Tulsa, Oklahoma, bank has agreed to a Federal Reserve Board Consent Order to Cease and Desist and to make restitution to the bank of $6,600. As the bank's president and chief financial officer, he "engaged in unsafe, unsound banking practices, and breaches of fiduciary duty in connection with his reckless disregard of proper procedures for allocating Bank funds for civic contributions, including, inter alia, by processing disbursements through accounts he controlled using instruments that he knew did not represent proper methods of funding civic contributions."

The former banker was also ordered, before accepting any position making him a financial institution-affiliated party, to provide a copy of the consent order to the chief executive officer and board of directors of the institution; fully familiarize himself with the policies and procedures of the institution that pertain to his duties and responsibilities, including, but not limited to, the policies and procedures concerning allocating Bank funds for civic contributions; and notify the examiners of the Federal Reserve Bank of Kansas City.