Federal Reserve Release, Press Release; image with eagle logo links to home page
Release Date: July 8, 2002

For immediate release

The Federal Reserve Board on Monday announced the issuance of Orders of Restitution against William Chiang, Paul Lee, Joseph C.C. Kuo, Lih Yuh Kuo, and Ching-Tseh Yao, all former directors of the Great Eastern Bank, Flushing, New York.

The five individuals, without admitting to any allegations, consented to the issuance of the Orders for alleged breaches of fiduciary duties, violations of law and regulations, and unsafe and unsound banking practices. The Orders require each individual to pay restitution in the amount of $50,000 to Great Eastern Bank.

Copies of the Orders are attached.

Attachment (455 KB PDF)

2002 Enforcement actions

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Last update: July 8, 2002