OCC reports March 2024 enforcement actions

The OCC has released enforcement actions that it took during the month of March 2024:

• Its previously announced Cease and Desist Order and $250 million Civil Money Penalty against JPMorgan Chase Bank, N.A., for deficiencies in its trade surveillance program.
• An Order of Prohibition against Samantha Cherry, Former Manager at a St. Louis, Missouri, branch of UMB Bank, N.A., Kansas City, Missouri, for embezzling $439,000 in cash from the bank.
• A Personal Cease and Desist Order and $30,000 Civil Money Penalty against Nicholas Jurun, Former Mortgage Loan Originator and Sales Manager at a Rancho Palos Verdes office of Barrington Bank & Trust Company, N.A., Barrington, Illinois, for making payments to receive referrals for mortgage loans, attempting to hide at least two of these payments from the bank with false documentation, and engaging in a conflict of interest.
• An Order of Prohibition and $150,000 Civil Money Penalty against Thomas Lopp, Former President, Chief Operating Officer, and Chief Financial Officer, Sterling Bank and Trust, FSB Southfield, Michigan, for failing to appropriately oversee the bank’s operation of its Advantage Loan Program, supervise bank employees, and intervene when an individual who was not a bank officer issued directives to bank employees and otherwise participated in bank operations.
• An Order of Prohibition against Elijah V. McBride-Bey, Former Personal Banker, at a North Waltham, Massachusetts, branch of Santander Bank, N.A., Wilmington, Delaware, for establishing unauthorized online banking access and using that access to make unauthorized withdrawals totaling approximately $11,140 from an elderly customer’s account.
• An Order of Prohibition and $120,000 Civil Money Penalty against Michael Montemayor, Former President of Retail and Commercial Banking, Sterling Bank and Trust, FSB, Southfield, Michigan, for failing to appropriately oversee the bank’s operation of its Advantage Loan Program, and appropriately supervise bank employees, or escalate concerns to the board’s attention.
• An Order of Prohibition against Juan F. Velez Restrepo, Former Personal Banker at a New York branch of Citibank, N.A., Sioux Falls, South Dakota, for abusing his access to an elderly bank customer’s account and misappropriating over $166,000 in customer funds.