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FDIC Issues Removal And Prohibition Order Against Former Illinois Banker
The Federal Deposit Insurance Corporation (FDIC) issued a removal and prohibition order against Jong Koo Kim, a former director of The Foster Bank, Chicago, IL.
Kim consented to the order without admitting or denying culpability. The FDICís action is based on allegations that Kim structured the cash purchase of cashiers checks from the bank to avoid reporting and recordkeeping requirements of the Bank Secrecy Act.
He is prohibited from further participation in the banking industry without prior FDIC approval.
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The order is attached.
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nationís banking system. The FDIC insures deposits at the nationís 9,182 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars Ė insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet via the World Wide Web at www.fdic.gov and may also be obtained through the FDIC's Public Information Center (877-275-3342 or (703) 562-2200).
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