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IN THE MATTER OF:
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WHEREAS, the Banking Commissioner (the “Commissioner”) is charged with the administration of Title 36a of the Connecticut General Statutes, the Banking Laws of Connecticut (“Connecticut Banking Laws”);
WHEREAS, the Commissioner, through the Financial Institutions Division of the Department of Banking (“Division”), conducted an investigation pursuant to Section 36a-17 of the Connecticut General Statutes into the activities of Philip Mongillo (“Mongillo”) to determine whether he had violated, was violating or was about to violate any provision of the Connecticut Banking Laws;
WHEREAS, at all times relevant to this matter, Mongillo, was an employee of Dime Bank (“Bank”), a Connecticut bank, and, as such, was a “related person within the meaning of Section 36a-53(a)(1) of the Connecticut General Statutes;
WHEREAS, as a result of such investigation, the Commissioner finds that Mongillo has been charged in an information with: (1) one count of embezzlement, and willfully misapplying the moneys and funds of the Bank in violation of 18 U.S.C. Section 656 and has pled guilty to such count;
WHEREAS, a violation of 18 U.S.C. Section 656 carries a maximum penalty of thirty (30) years imprisonment and a $1,000,000 fine.
WHEREAS, Section 36a-53 of the Connecticut General statutes authorizes the Commissioner to take enforcement action against a related person who has been charged in an information with a crime which is punishable with imprisonment for a term exceeding one year under state or federal law, and continued service or participation by such related person may pose a threat to the interest of the depositors or threatens to impair confidence in any bank;
WHEREAS, Mongillo solely for the purpose of obviating the need for formal administrative proceedings based upon the allegations contained herein, agrees to the issuance of this Consent Order;
WHEREAS, Mongillo, through his execution of this Consent Order, voluntarily waives the right to be afforded notice and an opportunity for a hearing and seek judicial review of, or otherwise challenge or contest the matters described herein, including the validity of this Consent Order.
WHEREAS, an administrative proceeding initiated under Section 36a-53 would constitute a “contested case” within the meaning of Section 4 166(2) of the General Statutes of Connecticut;
WHEREAS, Section 4-177(c) of the General Statutes of Connecticut and Section 36a-1-55(a) of the Regulations of Connecticut State Agencies provide that a contested case may be resolved by consent order, unless precluded by law.
NOW THEREFORE, the Commissioner hereby orders that:
- Mongillo may not, without the consent of the Commissioner, hold any position as a director, officer, employee or independent contractor with any bank, Connecticut credit union or federal credit union, as defined in Section 36a-2 of the Connecticut General Statutes, or with a holding company that holds a subsidiary that is a bank, as defined in Section 36a-2; or as licensee or registrant under Titles 36a or 36b, while this Consent Order is in effect; and
- Issuance of this Consent Order by the Commissioner is without prejudice to the right of the Commissioner to take enforcement action against Mongillo if the Commissioner determines that compliance with the terms hereof is not being observed.
So ordered at Hartford, Connecticut ____________/s/_____________
this 20th day of July 2011. Howard F. Pitkin
I, Philip Mongillo, have read the foregoing Consent Order; I know and fully understand its contents; I agree freely and without threat or coercion of any kind to comply with the terms and conditions stated herein; and I consent to the issuance of this Consent Order, expressly waiving any right to a hearing on the matters described herein.
On this the 14th day of July 2011, before me, Darcey Beausoleil, the undersigned officer, personally appeared Philip Mongillo, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument and acknowledged that he executed the same for the purposes therein contained.
In witness whereof I hereunto set my hand.