Supreme Court Stays Order Barring Executive From Banking Industry

[Epoch-Times-Bot]

Supreme Court Stays Order Barring Executive From Banking Industry

The Supreme Court has put a banker's lifetime ban from the industry on hold while he pursues an appeal over the ban.
The order (pdf), which also stays a $125,000 fine, came late on Sept. 29 in Calcutt v. Federal Deposit Insurance Corp. (FDIC), court file 22A255.
Justice Brett Kavanaugh issued the order without referring the matter to the full court. He provided no reasons for his decision.
The order states that if the banker's petition to the high court is denied, "this stay shall terminate automatically."
Administrative Law Judge Christopher B. McNeil recommended on April 3, 2020, that Harry C. Calcutt III, the former president and CEO of Traverse City, Michigan-based Northwestern Bank, be prohibited from working in the industry and assessed a civil financial penalty under the Federal Deposit Insurance Act....

Source: Supreme Court Stays Order Barring Executive From Banking Industry

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