News Release 2022-7 | January 25, 2022
OCC to Hold Virtual Hearing on Charges Against Saul Ortega and David Rogers; Agency Seeks Prohibition Orders and Civil Money Penalties
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a public virtual hearing before an Administrative Law Judge beginning Monday, January 31, 2022.
The OCC will litigate enforcement actions against two individuals formerly associated with First National Bank, Edinburg, Texas (closed): Saul Ortega, former Chief Financial Officer, Director, President, Chief Executive Officer, and Chairman of the Board, and David Rogers, Jr., former Chairman of the Board.
The OCC has charged Messrs. Ortega and Rogers with engaging in violations of law and OCC orders, unsafe or unsound banking practices, and breaches of fiduciary duty regarding bank loans issued to finance a capital raise, bank loans issued to finance sales of the bank’s other real estate owned, and the bank’s accrual of interest on loans in non-accrual status. The OCC further alleges that Mr. Rogers breached his fiduciary duty with regard to bank loans to a family member’s businesses.
The OCC is seeking orders that would bar Messrs. Ortega’s and Rogers’ further participation in the conduct of the affairs of any insured depository institution. In addition, the OCC is seeking the assessment of Civil Money Penalties in the amount of $250,000 against each of them.
The virtual hearing will commence at 9:30 a.m. Eastern Time on Monday, January 31, 2022. OCC administrative hearings are open to the public as required by federal law, and the public may view the hearing via the link below. Pursuant to the joint virtual hearing protocol adopted by the Administrative Law Judge, the press and public are not permitted to record the hearing.
Details about how to view the proceedings online and listen by telephone are available here.
- Notice of Charges (PDF)