Section 8 of FDI Act, prescribes the provisions for enforcement against individuals for the misappropriation of funds, fraud, unsafe or unsound practice of institution-affiliated parties (IAP) (. e. g employee, shareholder, director) that cause financial loss or damage to the institution. Section 8(e)(1) of FDI Act, states the removal of individual from holding office in the grounds of misconduct, effects of misconduct and the culpability of misconduct.
As a result of fraud, Section 8(i)(2) of FDI Act, a three tier Civil Money Penal Authority is imposed through the medium of Penalty of $6500, $32,500, $ 1,250,000 per day, if the violation continues. At the time of divorce, professional help must be sought, for setting aside and distribution of tangible and intangible assets and properties that are acquired during the marriage which are to be shared equally irrespective of on whose name it is registered with.
Also Qualified Domestic Relations Order (QDRO) pension plans, IRA Account, 401(k) contribution plan and social security benefits based on spouse employment, if the marriage lasts for least 10 years, which otherwise disqualifies for entitlement of social benefits. Conclusion The raising of sources of funds was fraud-related in the first instance which is already pending for penalty on both sides of spouse. Secondly, the dishonesty and deserting spouse leaving without any financial assistance is immoral inspite of obtaining a legal divorce.
In this context, it is required to approach both a solicitor for civil assistance and the assistance of cops for criminal act of nature, disclosing the entire facts and seek for remedial measures. References Enforcement actions against fraud-related cases : An Overview accessed 15 November 2006 http://www. fdic. gov/regulations/examinations/supervisory/insights/sisum05/article02_enforcement_action. html http://www. divorcefinancecolorado. com/post_divorce_task_checklist. htm