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Bank used by Kilpatrick and Ferguson fined

DETROIT (WKZO) -- A bank used by former Detroit mayor Kwame Kilpatrick and his friend and contractor Bobby Ferguson has been fined.

On Friday, Federal prosecutors levied a 250-thousand dollar fine against First Independence Bank for violating anti-money laundering regulations.  Officials say the bank repeatedly surfaced in the criminal case against Kilpatrick and Ferguson.

The chairman and CEO of the First Independence bank is former Motown guitarist Don Davis, who is a vocal Kilpatrick supporter.  According to the U.S. Attorney’s Office, the bank had unsatisfactory Bank Secrecy Act and anti-money laundering compliance programs and practices.

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