Stock Groups

Ex-Bank of America Bankers Are Among 6 Banned by Fed Over Covid Loan Fraud -Breaking

by Mike Robinson

[ad_1]

© Bloomberg. Marriner S. Eccles Federal Reserve in Washington, D.C., U.S. on Friday, Sept. 17, 2020. The President Biden’s Economic Agenda could be delayed in Congress by several weeks to months. There are still tax and health care issues that remain unresolved. This will also lead to continued bickering between moderate and progressive wings of the Democratic Party. Stefani Reynolds/Bloomberg

(Bloomberg) — The Federal Reserve banned six former bankers, including two formerly at Bank of America Corp (NYSE:).’s wealth management unit, from the industry for fraudulently obtaining loans designed to provide economic relief to small businesses during the pandemic.

Tuesday’s Fed announcement included the sanctions for Autumn Jordan, Manuel F. Pinazo and Dedryck A. Carson. The former employees of Merrill Lynch Wealth Management were also previously at Merrill Lynch Wealth Management. Tracy L. Mallory and Tracy O. Carney worked as Regions Financial Corp. (NYSE:). The regulator said all six applied for assistance under one of the government’s Covid-19 relief programs “based on false and fraudulent representations and used the funds for unauthorized personal expenses.”

The former employees obtained funds through the Small Business Administration’s Covid-19 Economic Injury Disaster Loan program, according to the Fed. Officials have attempted to curb abuse of federal efforts and similar ones. 

The former bankers didn’t admit or deny the conduct, according to the Fed. 

©2022 Bloomberg L.P.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]