Oklahoma banker barred and fined by OCC

The OCC has issued a consent order against Marrien Neilson, former senior vice president, regional manager and national sales consultant for BOKF, N.A., Tulsa, Oklahoma, ordering the payment of a $5,000 civil money penalty and barring Neilson from participation in the affairs of any insured depository institution or credit union, or depository regulatory agency, FHFA or FHLB.

The OCC found that Neilson engaged in misconduct with regard to fifteen (15) municipal bond accounts (Bonds) for which the Bank served as indenture trustee and which were issued on behalf of a single borrower or a group of entities controlled by a single borrower from 2008 to 2015, and that miconduct "caused violations of law and regulation, including: 12 C.F.R § 9.12(e) (requiring loans between fiduciary accounts to be fair and not otherwise prohibited); 12 C.F.R. § 9.12(b) (1) (Prohibiting loans or other transfers from fiduciary accounts without authorization); and 12 C.F.R. §9.5(b) (requiring a Bank to maintain a method to ensure fiduciary officers do not use material inside information in connection with decisions, or recommendations with regard to any security).

• Related SEC release