Fed Board prohibition orders against former affiliated parties of Nano Banc

The Federal Reserve Board reports it has prohibited Anthony R. Gressak III from future participation in the banking industry and fined him $75,000.

Gressak is a former director and former interim chief executive officer of Nano Financial Holdings, Inc. and Nano Banc. In his former role, Gressak violated a prior written agreement between the firm and the Federal Reserve. Gressak also fraudulently obtained loans and grants administered under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and violated other laws and banking regulations.

The Board also announced that it had prohibited James T. Chung, also a former director of Nano Financial Holdings, Inc. and Nano Banc, from future participation in the banking industry for fraudulently obtaining loans and grants administered under the CARES Act.