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News Release 2015-159
December 11, 2015
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WASHINGTON — The Office of the Comptroller of the Currency (OCC) today announced a public hearing before an Administrative Law Judge beginning Tuesday, December 15, 2015, where the OCC will litigate enforcement actions against James E. Plack, President, Chief Executive Officer, and Director of American Bank, Rockville, Maryland.
The OCC has charged Mr. Plack with engaging in violations of law and regulation, unsafe or unsound banking practices, and breaches of fiduciary duty in his role at the bank. The OCC alleges that Mr. Plack caused the bank to engage in an unlawful adjusted price trade, whereby the bank exchanged assets with another party at artificially inflated prices to avoid recognizing losses. In a separate allegation, the OCC charges Mr. Plack packaged stale receivables into a seemingly new loan to avoid or delay recognizing losses.
The OCC is seeking an order that would remove Mr. Plack from his current position and bar his further participation in the conduct of the affairs of any insured depository institution. In addition, the OCC is seeking the assessment of a Civil Money Penalty in the amount of $250,000.
The hearing will commence at 9:00 a.m. on Tuesday, December 15, 2015, in Courtroom 8 of the U.S. Court of Federal Claims, 717 Madison Place, NW, Washington, DC 20439. OCC administrative hearings are open to the public as required by federal law.
Bryan Hubbard (202) 649-6870