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20 - ORGANIZATIONS/PRIVATE/Financial General Bankshares.md

@@ -38,9 +38,9 @@ The [[BCCI Kerry-Brown Senate Report|Kerry-Brown Senate Report]] set out mutuall
 
 ### Litigation and Approval
 
-Financial General sued on February 17, 1978, after learning that Middle Eastern investors had acquired twenty percent of its shares; the Securities and Exchange Commission filed and settled its own action on March 18, 1978. The Senate report states that on April 27, 1978, a federal judge "permanently enjoined Lance and ten other defendants" from violating the securities laws and found that the BCCI clients had relied "heavily, if not exclusively" on Abedi and BCCI; the later opinion of the [[United States Court of Appeals for the District of Columbia Circuit|D.C. Circuit]] describes the order of that date as a preliminary injunction on the company's disclosure claim. On May 21, 1980, all the defendants except Metzger settled with the company, which agreed not to oppose the takeover in return for a premium price.[^4][^5]
+Financial General sued on February 17, 1978, after learning that Middle Eastern investors had acquired twenty percent of its shares; the Securities and Exchange Commission filed and settled its own action on March 18, 1978. The Senate report dates the commission's complaint to March 17, 1978 (printed in the report's note 12 as "1078").[^4] The commission's News Digest of March 20, 1978 reported that on March 18 the court entered permanent injunctions, by consent, against eleven defendants including Lance (Civil Action 78-0469, D.D.C.), for failing to file Schedule 13D statements while acquiring about 20 percent of Financial General's common stock, with the group controlling about 28 percent.[^6] A separate civil action by the commission and the Comptroller of the Currency against The National Bank of Georgia, The Calhoun First National Bank and Bertram Lance, filed April 26, 1978 in the Northern District of Georgia, ended the same day in consent judgments of permanent injunction.[^7] The Senate report states that on April 27, 1978, a federal judge "permanently enjoined Lance and ten other defendants" from violating the securities laws and found that the BCCI clients had relied "heavily, if not exclusively" on Abedi and BCCI; the later opinion of the [[United States Court of Appeals for the District of Columbia Circuit|D.C. Circuit]] describes the order of that date as a preliminary injunction on the company's disclosure claim. On May 21, 1980, all the defendants except Metzger settled with the company, which agreed not to oppose the takeover in return for a premium price.[^4][^5]
 
-The Virginia bank regulator Sidney A. Bailey objected that the acquisition "will be inimical to the convenience and needs of the community." After a hearing convened on April 23, 1981, the Federal Reserve approved the application of [[Credit and Commerce American Holdings]] (CCAH) on August 25, 1981, and at Altman's request sealed parts of the transcript. A year later the company changed the name of its banks to First American and of its holding company to First American Corporation; the holding company above the banks was later known as First American Bankshares, Inc.[^4][^6] The Federal Reserve found in 1991 that all four Middle Easterners who had appeared at the 1981 hearing had been BCCI nominees.[^4]
+The Virginia bank regulator Sidney A. Bailey objected that the acquisition "will be inimical to the convenience and needs of the community." After a hearing convened on April 23, 1981, the Federal Reserve approved the application of [[Credit and Commerce American Holdings]] (CCAH) on August 25, 1981, and at Altman's request sealed parts of the transcript. A year later the company changed the name of its banks to First American and of its holding company to First American Corporation; the holding company above the banks was later known as First American Bankshares, Inc.[^4][^8] The Federal Reserve found in 1991 that all four Middle Easterners who had appeared at the 1981 hearing had been BCCI nominees.[^4]
 
 ### Footnotes
 
@@ -49,4 +49,6 @@ The Virginia bank regulator Sidney A. Bailey objected that the acquisition "will
 [^3]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 183.
 [^4]: Kerry, Senator John, and Senator Hank Brown. *The BCCI Affair: A Report to the Committee on Foreign Relations, United States Senate.* December 1992, ch. 6, "BCCI in the United States: Initial Entry." https://irp.fas.org/congress/1992_rpt/bcci/06early.htm
 [^5]: *Financial General Bankshares, Inc. v. Metzger,* 680 F.2d 768 (D.C. Cir. 1982). https://openjurist.org/680/f2d/768
-[^6]: Board of Governors of the Federal Reserve System, consent order, *In the Matter of Clark M. Clifford and Robert A. Altman,* Docket Nos. 92-080, effective February 1998. https://www.federalreserve.gov/boarddocs/press/enforcement/1998/19980203/Attachment.pdf
+[^6]: U.S. Securities and Exchange Commission, News Digest, March 20, 1978, "Lance, Others Enjoined" (SEC v. Bank of Credit and Commerce International S.A., et al., U.S.D.C. D.C., Civil Action No. 78-0469, LR-8336). https://www.sec.gov/news/digest/1978/dig032078.pdf
+[^7]: U.S. Securities and Exchange Commission, News Digest, April 28, 1978 (SEC and Comptroller of the Currency v. The National Bank of Georgia, The Calhoun First National Bank, Bertram Lance, U.S.D.C. N.D. Ga., Civil Action No. 78-758). https://www.sec.gov/news/digest/1978/dig042878.pdf
+[^8]: Board of Governors of the Federal Reserve System, consent order, *In the Matter of Clark M. Clifford and Robert A. Altman,* Docket Nos. 92-080, effective February 1998. https://www.federalreserve.gov/boarddocs/press/enforcement/1998/19980203/Attachment.pdf