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The Illinois Department of Financial and Professional Regulation, Division of Banking seized five small financial institutions. Another Illinois institution was closed by the Office of the Comptroller of the Currency. The Texas Banking Commissioner closed down a Dallas bank. The Federal Deposit Insurance Corporation, which announced the failures, was named receiver of all the failed banks.
A New Jersey defense attorney has been named the central figure in a 14-count indictment with three others who are accused of racketeering, murder and $1.1 million in mortgage fraud.