Release Date: May 17, 2010
For immediate release
The Federal Reserve Board on Monday announced the issuance of a Consent Order of Prohibition against Antonio Garcia-Adanez, a former private banking relationship manager and institution-affiliated party of Standard Chartered Bank International (Americas) Limited ("SCBI"), Miami, Florida.
Mr. Garcia, without admitting to any allegations, consented to the issuance of the Order, which was based on his alleged participation in violations of law, unsafe and unsound banking practices, and breaches of fiduciary duty that resulted in substantial losses to SCBI, including manipulating the account statements of SCBI clients to misrepresent client investments, obligations and authorizations.
A copy of the Order is attached.