Bert Lance was fined $50,000 for bank violations.
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The former federal budget director agreed to pay the fine and not to work again in a federally insured bank without government approval as part of a settlement worked out with the Office of Comptroller of the Currency. The deal also calls for directors of Lance’s Georgia bank, Calhoun First National Bank, to pay $32,000 in fines from their own pockets. The agreement settles federal charges that Lance had engaged in check kiting, received insider loans and took improper payments from a credit life insurance policy in 1982-84 while a director and principal shareholder of the Calhoun bank. Lance resigned as chairman of the bank in January.
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