Release Date: April 24, 2006
For immediate release
The Federal Reserve Board on Monday announced the issuance of an Order of Prohibition against David Cronin, previously Executive Vice-President and Treasurer of the former Allfirst Bank, Baltimore, Maryland.
Mr. Cronin, without admitting to any allegations, consented to the issuance of the Order based on his alleged unsafe and unsound practices in connection with his supervision of a subordinate whose fraudulent proprietary foreign exchange trading caused approximately $691 million in losses to Allfirst.
A copy of the Order is attached.