The Federal Reserve Board barred two former employees of Regions Bank from employment in the banking industry following their indictment for financial crimes.

As previously reported by monitordaily, Richard Henderson and Philip Cooper, who held senior positions at Regions Equipment Finance, were indicted in July for bank bribery, wire fraud, money laundering and conspiracy.

According to the indictment, Henderson and Cooper conspired to defraud Regions and REFCO by directing REFCO to purchase insurance policies from a shell company that paid kickbacks to Henderson and Cooper. The indictment further alleged that Henderson and Cooper attempted to conceal those kickbacks by establishing additional shell companies to receive the kickbacks.

In issuing the enforcement actions, the board found that, given the indictment, Henderson’s and Cooper’s continued participation in any depository institution may impair public confidence in that institution. The prohibition is effective until the criminal charges against Henderson and Cooper are resolved or disposed of, or until the board terminates the prohibition.