Former Martha's Vineyard Banker Banned by FDIC

The Federal Deposit Insurance Corporation isn't saying exactly what Christopher Wells did, while president of the Martha's Vineyard Savings Bank, that has led the FDIC to ban him from the banking profession.

But according to an order of prohibition from the FDIC, attached to this article, Wells took part in "violations of law and/or regulations, unsafe or unsound banking practices, and/or breaches of fiduciary duty as an institution-affiliated party" of the bank. 

Further, says the FDIC,

• By reason of such violations, practices and/or breaches of fiduciary duty, the Bank has suffered or will probably suffer financial loss or other damage, the interests of the Bank’s depositors have been or could be prejudiced and/or Respondent received financial gain or other benefit
•  Such violations, practices and/or breaches of fiduciary duty involve personal dishonesty on the part of the Respondent or demonstrate the Respondent’s willful and/or continuing disregard for the safety or soundness of the Bank

Wells had been advised of the pending action against him, waived his right to a hearing and consented to the prohibition, according to the FDIC order, which bans him from working as a banker or bank director without prior written permission from the federal regulatory agencies.

According to a report in the Martha's Vineyard Times, Wells was president of the Martha's Vineyard Savings Bank from its origins as a merger of two older Island banking institutions in mid-2007 until May, 2012, when he left without explanation. The Vineyard Gazette also has a report on the case.

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