FDIC posts ruling on former CEO of Herring Bank for misuse of fu - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

FDIC posts ruling on former CEO of Herring Bank for misuse of funds

AMARILLO, TX (KFDA) -

The Federal Deposit Insurance Corporation has posted a final ruling in the case of Campbell Burgess, former President and CEO of Herring Bank. 

Federal Bank Regulators ruled today that Campbell Burgess must leave the banking industry and pay a civil penalty of $200,000.

Burgess has already reimbursed the bank more than $200,000 after investigators began asking questions.

The probe began in 2014 and included a seven-day hearing in Dallas. 

The ruling said, "His use of bank resources for personal purposes was not merely reckless, it was intentional and deliberate."

He not only gave his girlfriend a credit card paid for by the bank, but also a $1,600 diamond bracelet purchased with bank money.

Burgess argued the FDIC was biased against him, and the bank wasn't harmed because he reimbursed all of the money.

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