Federal Reserve Board Issues Prohibition Order Against Former Sandy Spring Bank Employee

The Federal Reserve Board has issued an enforcement action against Renee Nicole Brown, a former employee of Sandy Spring Bank, following her conviction for misappropriating funds. The action, announced on September 24, 2026, includes a prohibition order that prevents Brown from participating in the affairs of any federally insured financial institution. This decision follows Brown's guilty plea and conviction for theft, which involved the misappropriation of approximately $246,000 from the bank.

Details of the Enforcement Action

The enforcement action against Renee Nicole Brown, a former Teller Supervisor at Sandy Spring Bank, was issued under Docket No. 26-045-E-I. The Federal Reserve Board's decision was made pursuant to Section 8(e) of the Federal Deposit Insurance Act, which allows for such actions when an individual is found to have engaged in unsafe or unsound banking practices, or breaches of fiduciary duty involving personal dishonesty.

Brown's misconduct involved the misappropriation of approximately $246,000 from teller cash dispenser machines over a period from June 2023 to July 2024. Following her termination from the bank in August 2024, Brown pleaded guilty to a "Theft Scheme" under Maryland law. On May 4, 2026, she was convicted and sentenced to probation, with a requirement to make partial restitution to the bank.

Prohibition Order and Its Implications

The prohibition order issued by the Federal Reserve Board prevents Brown from participating in any manner in the conduct of the affairs of any institution or agency specified in Section 8(e)(7)(A) of the FDI Act. This includes any insured depository institution, holding company, or foreign bank, among others. The order also restricts her from soliciting, procuring, transferring, or voting any proxy or authorization related to voting rights in such institutions.

Brown consented to the issuance of this order and waived her rights to contest it, including the right to a hearing or judicial review. The order remains fully effective and enforceable until expressly modified or terminated by the Board of Governors.

Communication and Compliance

All communications regarding this order are to be directed to Richard M. Ashton, Deputy General Counsel, and David Williams, Senior Associate General Counsel, at the Board of Governors of the Federal Reserve System. The order specifies that any violation by Brown could result in civil or criminal penalties under Sections 8(i) and (j) of the FDI Act.

The provisions of the order do not prevent the Board of Governors or any other federal or state agency from taking further action against Brown, provided such actions are based on facts not currently known by the Board. The order ensures that the Board retains the right to ensure compliance and enforce its terms.

This enforcement action underscores the Federal Reserve Board's commitment to maintaining the integrity and safety of the banking system by holding individuals accountable for actions that compromise financial institutions.