Federal Reserve Board permanently bars former employee of Four Oaks Bank and Trust Company from the banking industry

The following press release was published by the Board of Governors of the Federal Reserve System on Aug. 29, 2017. It is reproduced in full below.

The Federal Reserve Board on Tuesday announced it is prohibiting James M. Riley, a former City Executive at the Four Oaks Bank and Trust Company branch in Fuquay-Varina, North Carolina, from participating in the banking industry after determining he improperly approved loans for his own benefit.

The Board found Riley engaged in unsafe and unsound practices and potential violations of law by approving loans for two individuals who immediately transferred the loan proceeds to Riley. Riley agreed he would not object to the enforcement action with the Federal Reserve.

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Source: Board of Governors of the Federal Reserve System