FDIC Bars Three From Banking as Part of January’s Enforcement Actions

Three people were ordered from further participation “in any manner” having to do with financial institutions following January enforcement actions by the Federal Deposit Insurance Corporation (FDIC), the agency announced on Friday (Feb. 25).

There were nine enforcement actions against banks or individuals in total, with four ordering fines against banks ranging from $3,000 to just over $16,000 for having inadequate flood insurance. Another order advised Pilot Bank in Tampa, Florida, that it had until May 31 to notify any customers that as of June 30 it would no longer be an insured member bank of the FDIC.

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Thomas King Robb Jr., Tiffany Culliver Franklin and Justin Rader were separately issued enforcement actions from the FDIC that bars them from “participating in any manner in the conduct of the affairs of any financial institution or organization” and “soliciting, procuring, transferring, attempting to transfer, voting, or attempting to vote any proxy, consent, or authorization with respect to any voting rights in any financial institution.”

How they got barred from banking was different for each of them, but in every case, the root offense was a “violation of law, unsafe or unsound, breaches of his fiduciary duties, resulted in loss to the Bank and gain to Respondent, involved personal dishonesty, and demonstrated a continuing disregard for the safety and soundness of the Bank.”

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In Thomas King Robb Jr.’s case, the 37-year-old from Mississippi was charged with embezzlement by a bank officer for allegedly using his position as a loan officer at Bankplus to approve fraudulent loans to himself, some of which benefited his business, King Transportation Services, LLC, according to a statement from the Department of Justice. No dollar amount was given. He was sentenced to six months in prison.

Tiffany Culliver Franklin is accused of misappropriating an undisclosed amount of cash while she worked as a branch banker/vault teller of Branch Banking and Trust Company, now knows as Truist Bank, in Charlotte, North Carolina, according to the FDIC docket. The crime reportedly took place between February 2017 and July 2017.

Justin Rader is accused of making a dozen unauthorized withdrawals from customers’ accounts totaling approximately $73,101 while he was the manager at the Collingswood, New Jersey, branch of Parke Bank, according to the docket. The crime reportedly took place from January 2018 until his termination on Oct. 13, 2020.