The Legal Twists Continue for Businessman Louis DeNaples
By: Joe Holden
Updated: January 30, 2013
Louis DeNaples may soon be able to return to the helm of F-N-C-B, its parents company and another financial institution in Connecticut.
An appeals court found federal bank regulators may have been too broad with their interpretation of the law. Mega-millionaire Louis DeNaples has federal banking regulators off his back for the time being.
The Dunmore Real Estate mogul was successful in arguing before a federal court of appeals that cease and desist orders that removed him from control of First National Community Bank and other financial outfits were excessive.
DeNaples, charged with perjury in 2008 for allegedly lying about some relationships when testifying before the state's gaming control, came to an agreement about the case with Dauphin County prosecutors in 2009
In exchange for stepping down from control of his Mount Airy Casino Resort, prosecutors would agree to withdraw the charges. The appeals court wrote in an opinion released Tuesday. that for DeNaples things did not end there. .
Instead, DeNaples was ordered to relinquish control of the bank.
Regulators pursuing DeNaples from the office of the comptroller for the currency were accused of an unpredictable scatter gun approach in interpreting what DeNaples agreement was with prosecutors
The court further wrote "Discerning the effect of an expunged pretrial diversion arrangement is like trying to draw a two-dimensional shape on the surface of a grapefruit."
The matter will be reviewed.
The I-Team's Joe Holden's efforts to reach Louis DeNaples were unsuccessful
An appeals court found federal bank regulators may have been too broad with their interpretation of the law. Mega-millionaire Louis DeNaples has federal banking regulators off his back for the time being.
The Dunmore Real Estate mogul was successful in arguing before a federal court of appeals that cease and desist orders that removed him from control of First National Community Bank and other financial outfits were excessive.
DeNaples, charged with perjury in 2008 for allegedly lying about some relationships when testifying before the state's gaming control, came to an agreement about the case with Dauphin County prosecutors in 2009
In exchange for stepping down from control of his Mount Airy Casino Resort, prosecutors would agree to withdraw the charges. The appeals court wrote in an opinion released Tuesday. that for DeNaples things did not end there. .
Instead, DeNaples was ordered to relinquish control of the bank.
Regulators pursuing DeNaples from the office of the comptroller for the currency were accused of an unpredictable scatter gun approach in interpreting what DeNaples agreement was with prosecutors
The court further wrote "Discerning the effect of an expunged pretrial diversion arrangement is like trying to draw a two-dimensional shape on the surface of a grapefruit."
The matter will be reviewed.
The I-Team's Joe Holden's efforts to reach Louis DeNaples were unsuccessful
Comments
'OLD Louie" can't climb on his 'TROWN' with the rules of this land! I mean from all the junk cars along the interstate he put up a "FENCE"! Blocked out the 'view' but states 'keep out'! He is 'not' the fool! He is 'old school'.I am getting 'inspired' ! But I will say "MY MONEY WILL BE MOVED" asap back to WF goin 'old old school'.They don't play w/others money!knarF ;o
frank j.
January 31, 2013 at 7:08 am
