The chairman and CEO of embattled Riggs Bank’s parent company unexpectedly resigned Monday, relinquishing his position and board seat in a move that strips the bank’s biggest shareholder of any direct representation on the board or executive control of the bank.
The surprise announcement by Robert L. Allbritton came 10 days after he and his family agreed to pay $1 million into a new $9 million fund for victims of former Chilean dictator Augusto Pinochet, who is said to have hidden money in Riggs with the help of bank officials. The old-line Washington bank is paying the remaining $8 million.
Riggs pleaded guilty in January to a criminal felony charge of failing to report suspicious transactions to authorities and has agreed to pay $41 million in civil and criminal fines to the U.S. government.
For this complete story, please visit Riggs Bank Chairman, CEO Allbritton Resigns.
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