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Retraction and apology       Send a link to a friend

[JAN. 5, 2006]  On Dec. 27, 2005, the Lincoln Daily News reported that the Office of the Comptroller of the Currency assessed civil money penalties against the following directors of First National Bank of Mount Pulaski: Kenneth R. Brooker, Joseph W. Lucas, J. Gene Schmidt and Julian Wubben. In our article, we inaccurately reported that the OCC only assesses civil money penalties against individuals who profit from illegal or unethical activities and that such penalties are usually equal to the gains made from whatever activity is deemed to be illegal or unethical.

We have since learned that: (i) the OCC may impose civil money penalties against bank directors for a variety of reasons that do not include illegal or unethical activities; (ii) the OCC Consent Orders assessing the penalties against those individuals make no reference to profit or gain from illegal or unethical activities; and (iii) the individuals entered into the Consent Orders with the OCC in the interest of cooperation and to avoid the costs associated with future proceedings, without admitting or denying any wrongdoing.

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We sincerely apologize to Messrs. Brooker, Lucas, Schmidt and Wubben that our Dec. 27 article was erroneous and that the article made it appear that they had engaged in illegal or unethical conduct.

We strongly apologize to each of those individuals that our Dec. 27 article made it appear otherwise than the facts of the matter.

[Jan Youngquist, managing editor]

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