|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