Regulators Lift Consent Order at Gibraltar Private
The Coral Gables-based bank gets out from under special federal regulatory oversight after serving as a conduit in disbarred attorney Scott Rothstein's Ponzi scheme.
June 28, 2017 at 01:00 PM
2 minute read
Gibraltar Private reported Wednesday that the U.S. Office of the Comptroller of the Currency lifted its consent order issued in 2014.
The Coral Gables-based bank, formerly Gibraltar Private Bank & Trust Co., was fined $4 million last year by federal regulators for willfully violating federal anti-money laundering laws as part of disbarred attorney Scott Rothstein's $1.2 billion Ponzi scheme. The bank previously settled several Rothstein-related lawsuits.
The consent order, which replaced a cease and desist order imposed by the Office of Thrift Supervision in 2010, directed a series of compliance changes, audits, monitoring and reports to address Bank Secrecy Act violations.
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