Regulatory Alerts2026-06-18
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Federal Reserve Board issues enforcement action against former employee of Manufacturers and Traders Trust Company
The Board of Governors of the Federal Reserve System issued an Order of Prohibition against Matthew Cheong, a former senior relationship banker at Manufacturers and Traders Trust Company, Buffalo, New York. This action stems from Cheong's embezzlement of approximately $95,000 from the bank's branch vault between November 2024 and January 2025, which constituted unsafe banking practices and personal dishonesty. Consequently, Cheong is permanently prohibited from participating in any manner in the affairs of any institution or agency specified in section 8(e)(7)(A) of the Federal Deposit Insurance Act without prior written approval from the Board of Governors.
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