Comptroller ends KeyCorp consent order |
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Published
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Wed, 27 Jun 2007 16:10
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NEW YORK (AP) - The U.S. Comptroller of the Currency has canceled an October 2005 consent order requiring KeyBank National Association to take certain steps to prevent money laundering, according to a regulatory filing Wednesday with the Securities and Exchange Commission.In late April, a former KeyBank executive was sentenced to more than eight years in prison for a $40 million internal fraud. David F. Verhotz fraudulently obtained about 106 loans totaling approximately $40.6 million in the names of several foreign banks and an international trade company between October 1997 and November 2006.In addition, the Federal Reserve Bank of Cleveland has also terminated a memorandum of understanding with the bank, which was also enacted to prevent money laundering.KeyBank N.A. is the banking subsidiary of Cleveland-based KeyCorp.KeyCorp shares fell 25 cents to $34.66 in morning trading.--------------------Questions or comments about this story should be directed to reporter Kristen A. Lee at 212-621-7190.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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