| For immediate release |
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The Federal Reserve Board today announced that it has settled the administrative proceedings against Clark M. Clifford and Robert A. Altman, with their consent, brought by the Board in connection with the Bank of Credit and Commerce International affair. Copies of the Board’s action against Clifford and Altman and the amended notice initiating proceedings against them are attached. Clifford and Altman served as directors of Credit and Commerce American Holdings, N.V., Netherlands Antilles, formerly a bank holding company, and its subsidiary, First American Bankshares, Inc., Washington, D.C., and as counsel to BCCI. Without admitting any of the Board’s allegations in its amended notice, Clifford and Altman have agreed to pay approximately $5 million in compensation by transferring their interest in the majority of their shares of CCAH for the ultimate benefit of the innocent depositors and creditors of BCCI. As part of the settlement, Altman has also agreed not to participate in the banking industry without the prior approval of the Board. The Board dismissed its prohibition action against Clifford because of his advanced age and ill health. |
| Order (3164 KB PDF) |