The FDIC has a notice of intention to prohibit from further participation and assessment of penalty published on their website. The notice references a number of wrong doings by Adam Teague and states:

“Adam M. Teague has directly or indirectly participated or engaged in unsafe or unsound banking practices and/or acts, omissions or practices which constitute breaches of his fiduciary duty as an officer of the Bank; that as a result of such conduct, the interests of the Bank’s depositors have been prejudiced or could be prejudiced and/or that the Respondent has received financial gain or other benefit by reason of such practices and/or breaches of fiduciary duty; such practices and/or breaches of fiduciary duty demonstrate the Respondent’s personal dishonesty and/or his willful or continuing disregard for the safety or soundness of the Bank; and Respondent’s reckless, unsafe or unsound practices and/or breaches of his fiduciary duty were part of a pattern of misconduct and/or resulted in pecuniary gain or other benefit to the Respondent.”

Read the document at FDIC

The document references a penalty and order to pay $1,324,220.

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