FRB News: Federal Reserve Board prohibits former president, CEO of NBRS Financial from participating in the banking industry

FRB News: Federal Reserve Board prohibits former president, CEO of NBRS Financial from participating in the banking industry

WASHINGTON – The Federal Reserve Board on Friday announced it is prohibiting Jacob H. Goldstein, a former president and CEO of NBRS Financial, Rising Sun, Maryland from participating in the banking industry.

The Board found that Goldstein engaged in unsafe and unsound practices, violations of law, and breached his fiduciary duties to NBRS Financial, by engaging in self-dealing transactions involving bank loans and withholding material information from the NBRS board of directors.  Goldstein did not respond to the Board’s notice of enforcement action, and its prohibition order was issued by default.

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SOURCE: news provided by FEDERALRESERVE.GOV

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