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10 - PEOPLE/(N-S)/James Riady.md
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@ -42,7 +42,7 @@ On January 11, 2001, Riady agreed to plead guilty in the federal court in Los An
### Leaving Worthen
The House Government Reform and Oversight Committee, drawing on the depositions of [[Vernon Weaver|Arthur Vernon Weaver]] and C. Joseph Giroir, gave the reason for the family's departure from Worthen: "The Riadys were bought out of Worthen by the Stephens family after the bank experienced a major defalcation by Bevil Bressler in 1986. After the defalcation, regulators investigated the quality of Worthen's assets and determined there were problems. Allegations were made against Worthen's loan practices and asset quality. Eventually, the Riadys traded their interest in the Worthen Bank for the Stephens' interest in the Hong Kong Chinese Bank, and also traded their interests in other joint ventures." Riady and Huang then "focused their attention on a bank they previously had purchased in San Francisco, California. Soon thereafter they established the Bank of Trade in Los Angeles, which later became LippoBank."[^4] Federal Deposit Insurance Corporation records show that the Bank of Trade, chartered in [[San Francisco]] in 1961, moved its main office to Los Angeles on October 31, 1989 and took the name Lippo Bank on January 18, 1990.[^5]
The [[House Committee on Oversight and Government Reform|House Government Reform and Oversight Committee]], drawing on the depositions of [[Vernon Weaver|Arthur Vernon Weaver]] and C. Joseph Giroir, gave the reason for the family's departure from Worthen: "The Riadys were bought out of Worthen by the Stephens family after the bank experienced a major defalcation by Bevil Bressler in 1986. After the defalcation, regulators investigated the quality of Worthen's assets and determined there were problems. Allegations were made against Worthen's loan practices and asset quality. Eventually, the Riadys traded their interest in the Worthen Bank for the Stephens' interest in the Hong Kong Chinese Bank, and also traded their interests in other joint ventures." Riady and Huang then "focused their attention on a bank they previously had purchased in San Francisco, California. Soon thereafter they established the Bank of Trade in Los Angeles, which later became LippoBank."[^4] Federal Deposit Insurance Corporation records show that the Bank of Trade, chartered in [[San Francisco]] in 1961, moved its main office to Los Angeles on October 31, 1989 and took the name Lippo Bank on January 18, 1990.[^5]
### Footnotes