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Board of Governors of the Federal Reserve System
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Press Release

Federal Reserve Press Release

Release Date: April 24, 2006

For immediate release

The Federal Reserve Board on Monday announced the issuance of an Order of Prohibition against Robert Ray, previously Senior Vice-President of Treasury Funds Management of the former Allfirst Bank, Baltimore, Maryland.

Mr. Ray, 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.

Attachment (129 KB PDF)

Last update: April 24, 2006