Fed Permanently Bars Former Regions’ Employees from Banking Industry
JUN 8, 2017 - 8:02 am
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.
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