A former East Cambridge Savings Bank employee will no longer be allowed to work at any insured depository financial institution.

The Board of Governors of the Federal Reserve system this morning issued a consent order to Vasken Papazian, a former branch manager at the bank.

Papazian allegedly withdrew money from a bank customer’s account without the customer’s permission on six different occasions between Dec. 19, 2016 and March 30, 2017, totaling $38,800.

“Papazian’s above-noted conduct during the relevant period constituted an unsafe or unsound practice, or a breach of his fiduciary duties to the bank,” read the consent order.

Specifically, the order bans Papazian from “participating in any manner in the conduct of the affairs” of any insured depository institution or holding company of any insured depository institution, as well as any subsidiary of such holding company or any foreign bank.

Papazian is also banned from any voting rights in any institution or serving or acting as an institution-affiliated party. The order was effective June 25.

Consent Order Issued to Former East Cambridge Savings Bank Employee

by Bram Berkowitz time to read: 1 min
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