Ex-president of Sterling Bank & Trust pays US$150,000 for 'unsound' practices, including BSA faults

Thomas Lopp, who served in various executive positions - president, chief operating officer, chief financial officer, and others - at Sterling Bank & Trust, FSB in Michigan, USA, has submitted to a consent order from the Office of the Comptroller of the Currency (OCC) under which he is barred from acting in any such capacity without written regulator permission and will pay a US$150,000 penalty after he "demonstrated continuing disregard for the safety and soundness of the bank".

Thomas Lopp, who served in various executive positions - president, chief operating officer, chief financial officer, and others - at Sterling Bank & Trust, FSB in Michigan, USA, has submitted to a consent order from the Office of the Comptroller of the Currency (OCC) under which he is barred from acting in any such capacity without written regulator permission and will pay a US$150,000 penalty after he "demonstrated continuing disregard for the safety and soundness of the bank".