Release Date: June 21, 2006
For immediate release
The Federal Reserve Board on Wednesday announced the issuance of an Order of Prohibition against Trampas B. Riggs, formerly a loan officer at an Orlando, Florida branch of Regions Bank, Birmingham, Alabama.
Mr. Riggs, without admitting to any allegations, consented to the issuance of the Order based on his alleged participation in violations of law, unsafe or unsound practices, and breaches of fiduciary duty in connection with the falsification of bank books and records and false statements to bank officials relating to (a) a mortgage he obtained from the bank; and (b) his alleged use of the mortgage proceeds to fraudulently purchase, without the knowledge or consent of either the buyer or the seller, real property that a bank mortgage applicant had an option to purchase.
A copy of the Order is attached.