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The Federal Deposit Insurance Corp. revealed charges Friday against former bank executive vice president and real estate manager Douglas French, who left the bank in May 2008, the Las Vegas Sun reported.

The bank with $1.8 billion in assets failed four months later.

At the time he resigned, the bank said French was leaving for personal reasons. The FDIC said he was asked to leave.

French was paid $652,000 in 2007 including commission and bonus pay. But regulators said he "violated various federal laws and regulations (and) engaged and/or participated in unsafe or unsound banking practices."

The FDIC said French failed to adequately review loan applications, accepted "grossly inflated" appraisals for a loan and failed to disclose conflict of interest while approving loans for parties where he had business and social ties.

The FDIC is seeking to bar French from working at an FDIC covered bank without express permission to do so. It also is seeking a $125,000 settlement in the case.

French, however, said the FDIC is looking for a scapegoat.

"FDIC has unfairly singled me out even though the practices and procedures I followed at the bank were industry standard", he said. "I look forward to the opportunity to confront these baseless allegations and fully expect to be vindicated", French told the newspaper.

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