"Regulators ban former bank CEO; Onetime leader of Randolph Savings in ethics scandal" by Todd Wallack, Globe Staff / January 29, 2011
Federal regulators have banned the former chief executive of Randolph Savings Bank from the banking industry, three years after he was caught up in an ethics scandal on Beacon Hill.
In an order made public yesterday, the Federal Deposit Insurance Corp. accused Thomas H. Drummey of violating industry rules involving “personal dishonesty’’ or acting in disregard for the soundness of the Randolph community bank.
Oh, you're kidding.
Not here in sanctimonious Massachusetts.
The FDIC did not specify what Drummey did wrong or how it affected the bank. But Drummey made headlines in 2008 after state election officials found that he had made monthly mortgage payments for a Cape Cod vacation home owned by state Representative John H. Rogers, a Norwood Democrat who also was House majority leader from 2005 to 2009.
While Drummey was paying the mortgage, Rogers’s campaign paid him as much as $6,000 a month in consulting fees — raising the question of whether Drummey helped Rogers use campaign funds to pay Rogers’s personal expenses in violation of state campaign finance regulations. Public records show that Rogers and his wife bought the Falmouth home in July 2004 and took out a $351,000 loan from Randolph Savings Bank. They sold the home in 2008.
At the time, Rogers and Drummey argued that Drummey co-owned the home, making the mortgage payments legitimate. But they refused to publicly release any documents proving Drummey’s ownership interest. As part of a settlement with the state, Rogers’s campaign committee agreed to pay $30,000 to cover the state Office of Campaign and Political Finance’s legal expenses to investigate the matter....
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Also see: Drumgold arrested in Roxbury drug raid
