Fed Permanently Bars Former Regions’ Employees from Banking Industry



The Federal Reserve Board announced it has permanently barred Richard Henderson and Philip Cooper, former employees of Regions Bank, from the banking industry after both pled guilty to conspiracy to commit money laundering, and conspiracy to commit bank bribery and wire fraud affecting a financial institution.

Henderson and Cooper held senior positions at Regions Equipment Finance (REFCO), a Regions’ subsidiary. In their plea agreements, Henderson and Cooper admitted that they conspired to defraud Regions and REFCO by directing REFCO to purchase insurance from a shell company that paid kickbacks to Henderson and Cooper. Henderson and Cooper attempted to conceal those kickbacks by establishing additional shell companies to receive their kickbacks.

The Board previously barred Henderson and Cooper from the banking industry in December 2016 for the duration of their criminal proceedings. Henderson and Cooper consented to this action, which is permanent, as part of their plea agreements.

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
terry.mulreany@monitordaily.com
Susie Angelucci
Advertising: 484.459.3016
susie.angelucci@monitordaily.com

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.
www.abfjournal.com