The Federal Deposit Insurance Corporation (FDIC) is investigating potential misconduct by executives and board members of First Republic Bank, raising the prospect of stiff penalties for the failed bank's former bosses.
"We can confirm a D&O probe into First Republic is taking place," a spokesperson told Reuters, referring to the bank's directors and officers. The regulator did not provide further details.
The investigation, which has not previously been reported, is the third the FDIC has opened into bank failures earlier this year which cost the federal government's deposit insurance fund about $32 billion. Chris Prentice reports on financial crimes, with a focus on securities enforcement matters. She previously covered commodities markets and trade policy. She has received awards for her work from the Society for Advancing Business Editing and Writing and the Newswomen’s Club of New York.
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