Slain executive left no trail of financial irregularities, bank says
BY CHRISTINA HALL
FREE PRESS STAFF WRITER
Community Central Bank said today a forensic analysis found no irregularities in its operations since the disappearance and death of former CEO David Widlak. Nevertheless, the bank has entered into a consent order to take corrective measures to improve its financial condition and operations. “The independent analysis did not identify any unauthorized or problematic transactions, or any circumvention of internal controls on the part of Mr. Widlak,” Ray Colonius, the bank’s chief financial officer and acting CEO, said in a news release. “We remain baffled and deeply saddened by the violent death of our friend and colleague.”
Widlak, 62, of Grosse Pointe Farms walked out of the Mt. Clemens bank Sept. 19. His office was found in disarray the next morning. Duck hunters found his decomposing body in Lake St. Clair nearly four weeks later.
An autopsy by Macomb County Medical Examiner Dr. Daniel Spitz found no blunt force trauma. A second, independent autopsy commissioned by the family and performed by Oakland County Medical Examiner Dr. L.J. Dragovic found a gunshot wound to the back of Widlak’s neck. Macomb County Sheriff’s divers then found Widlak’s missing .38-caliber handgun in the lake.
It is unknown if the gun is the one that was used in the shooting. State Police are analyzing the gun and bullet and bullet fragments found in Widlak’s body.
The Sheriff’s Office is investigating the death as a homicide, but suicide has not been ruled out.
Plante & Moran, PLLC conducted the independent audit of the bank.
According to the release, the bank entered into a consent order with the Federal Deposit Insurance Corporation and the Michigan Office of Financial and Insurance Regulation. The consent order is effective Nov. 1.
Customer deposits remain fully insured.
The bank has agreed to increase board oversight and conduct an independent study of management; improve regulatory capital ratios; charge-off certain classified assets; reduce its level of loan delinquencies and problem assets; limit lending to certain borrowers; revise lending and collection policies; adopt and implement new profit, strategic and liquidity plans, and correct loan underwriting and credit administration deficiencies.
Read more: Slain executive left no trail of financial irregularities, bank says | freep.com | Detroit Free Press http://www.freep.com/article/20101105/NEWS04/101105054/1006/Slain-executive-left-no-trail-of-financial-irregularities-bank-says#ixzz14duTcS7c
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