Federal Reserve Release, Press Release; image with eagle logo links to home page
Release Date: February 6, 1998

For immediate release

The Federal Reserve Board today announced the issuance of an Order of Prohibition against Michael Wachs, a former Managing Director and institution-affiliated party of the Chase Manhattan Corporation, New York, New York, a registered bank holding company, and Chase Securities, Inc., a nonbank subsidiary of Chase Manhattan Corporation.

Mr. Wachs, without admitting to any allegations, consented to the issuance of the Order as a result of his alleged engagement in a fraudulent scheme to purchase Chase Manhattan Corporation assets by means of a fraudulent bidding process and to obtain a profit from the immediate resale of those assets.

A copy of the order is attached.

Order (138 KB PDF)

1998 Enforcement actions

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Last update: February 11, 1998, 12:00 PM