Banking Law

US Drops Regulatory Charges Against Ex-Greenberg Lawyer

A former Greenberg Traurig lawyer feels vindicated by the decision of the U.S. Comptroller of the Currency to drop civil regulatory charges against him for advising a bank that was eventually shut down for fraud.

Carlos Loumiet had been accused of covering up crimes for the bank, causing $127 million in losses by the Federal Deposit Insurance Corp. The comptroller had sought a $250,000 fine and a cease-and-desist order preventing Loumiet from advising any federally financed banks.

But on Monday, the comptroller accepted the recommendation of an administrative law judge and dropped the charges, the Daily Business Review reports. Comptroller John Dugan cited an inadequate case record and the exclusion of a key witness, the story says.

The comptroller acted after three years of litigation, a three-week trial and the opinion of the administrative law judge, according to a press release.

Loumiet is now a partner at Hunton & Williams in Miami. “As I have said all along, I did not engage in any misconduct nor did I breach my duty to my client,” Loumiet said in the press release. “While the process has finally reached the correct and just conclusion, this has been a very trying ordeal for me and my family.”

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