A former executive at Herring Bank has been sentenced for misuse of bank funds.
It was reported today that Campbell Burgess, former president and CEO of Herring Bank, has been sentenced to leave the banking industry and to pay a civil penalty of $200,000 for misuse of bank funds. The ruling was posted today by Federal Deposit Insurance Corporation.
A probe into Burgess' expenditures was launched in 2014 and Burgess has reportedly reimbursed the bank $200,000.
Burgess served at Herring Bank from 1992 until 2012. Burgess was named president and chief executive officer at Herring Bank in 2002 and remained in the position until his resignation in 2012.
Burgess will have twenty days to request a hearing on the civil penalty. If Burgess does not request a hearing within the specified time-frame, the judgement will become final and the $200,000 penalty must be paid within sixty days.