Press Release

July 25, 2007 Order of prohibition and order of assessment of civil money penalty against Josephine Wang For immediate release Share The Federal Reserve Board on Wednesday announced the issuance of a consent Order of Prohibition and Order of Assessment of Civil Money Penalty in the amount of $50,000 against Josephine Wang, a former director, controlling shareholder and institution-affiliated party of Asian Bank, Philadelphia, Pennsylvania, and its parent, Asian Financial Corporation. Ms. Wang, without admitting to any allegations, consented to the issuance of the Order which was based on her alleged participation in unsafe and unsound practices, breaches of fiduciary duty and violations of law and regulation by repeatedly overdrawing her accounts at the bank and depositing checks which she knew would be dishonored to cover overdrafts. Attachment

Federal Reserve (2007, July 24). Press Release. Press Releases, Federal Reserve. https://whenthefedspeaks.com/doc/press_release_20070725_order_of_prohibition_and_order_of_assessment_of

@misc{wtfs_press_release_20070725_order_of_prohibition_and_order_of_assessment_of,
  author = {Federal Reserve},
  title = {Press Release},
  year = {2007},
  month = {Jul},
  howpublished = {Press Releases, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/press_release_20070725_order_of_prohibition_and_order_of_assessment_of},
  note = {Retrieved via When the Fed Speaks corpus}
}