Fed bars former exec of Santander nonbank subsidiary over improper gifts, gratuities worth ‘at least’ $275k

A former executive of Santander Consumer USA Inc. (Dallas), an indirect nonbank subsidiary of Santander Holdings USA, Inc. (Boston), has been barred under a Federal Reserve consent order from participating in the affairs of any federally insured financial institution.

The Fed said Brent J. Huisman, while employed at Santander Consumer USA, routinely solicited and accepted certain gifts and gratuities collectively worth at least $275,000 from third-party auto auction companies conducting business with Santander Consumer. Among the gifts solicited were international vacations and tickets to professional sporting events, concerts, and other entertainment performances. According to the consent order, Huisman, most recently the firm’s executive vice president and senior director of asset remarketing, solicited these goods on behalf of himself and, at times, his immediate family members and other Santander Consumer employees.

The order notes that in accepting these gifts, Huisman violated Santander Holdings policies, which applied to Santander Consumer employees.

Federal Reserve Board issues enforcement action with former institution-affiliated party of Santander Consumer USA, Inc.