June 07, 2017
Federal Reserve Board permanently bars two former employees of Regions Bank from the banking industry
For release at 1:30 p.m. EDT
The Federal Reserve Board on Wednesday permanently barred Richard Henderson and Philip Cooper, former employees of Regions Bank, from the banking industry after both pled guilty to conspiracy to commit money laundering, and conspiracy to commit bank bribery and wire fraud affecting a financial institution.
Henderson and Cooper held senior positions at Regions Equipment Finance Corporation (REFCO), a Regions' subsidiary. In their plea agreements, Henderson and Cooper admitted that they conspired to defraud Regions and REFCO by directing REFCO to purchase insurance from a shell company that paid kickbacks to Henderson and Cooper. Henderson and Cooper attempted to conceal those kickbacks by establishing additional shell companies to receive their kickbacks.
The Board previously barred Henderson and Cooper from the banking industry in December 2016 for the duration of their criminal proceedings. Henderson and Cooper consented to Wednesday's action, which is permanent, as part of their plea agreements.
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