July 25, 2007
Order of prohibition and order of assessment of civil money penalty against Josephine Wang
For immediate release
The Federal Reserve Board on Wednesday announced the issuance of a consent Order of Prohibition and Order of Assessment of Civil Money Penalty in the amount of $50,000 against Josephine Wang, a former director, controlling shareholder and institution-affiliated party of Asian Bank, Philadelphia, Pennsylvania, and its parent, Asian Financial Corporation.
Ms. Wang, without admitting to any allegations, consented to the issuance of the Order which was based on her alleged participation in unsafe and unsound practices, breaches of fiduciary duty and violations of law and regulation by repeatedly overdrawing her accounts at the bank and depositing checks which she knew would be dishonored to cover overdrafts.