Release Date: February 4, 2004
For immediate release
The Federal Reserve Board on Wednesday announced the issuance of a Consent Order to Cease and Desist against Dominique Bazy, a former executive with Credit Lyonnais, S.A., Paris, France.
Mr. Bazy, without admitting to any allegations, consented to the issuance of the Order based on his alleged participation in alleged violations of the Bank Holding Company Act and its regulations relating to the "Executive Life" matter. In December 2003 and January 2004, Credit Lyonnais consented to the issuance of enforcement actions resolving allegations relating to its participation in this matter.
In addition to the Board's Order, the U.S. Attorney in Los Angeles is also announcing today that Mr. Bazy has agreed to plead guilty to a criminal charge relating to this matter.
The Board's Order restricts Mr. Bazy's participation in the conduct of the affairs of foreign banks in the United States. The Board's Order supplements automatic restrictions imposed upon Mr. Bazy upon acceptance of his guilty plea to the criminal charge. By law, Mr. Bazy will be prohibited from participating in the conduct of the affairs of domestic insured depository institutions without the Federal Deposit Insurance Corporation's approval.
A copy of the Order is attached.
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Last update: February 4, 2004