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15 U.S. Code § 687e. Removal or suspension of management officials
(a) Definition of “management official”
In this section, the term “management official” means an officer, director, general partner, manager, employee, agent, or other participant in the management or conduct of the affairs of a licensee.
(b) Removal of management officials
(1) Notice of removalThe Administrator may serve upon any management official a written notice of its intention to remove that management official whenever, in the opinion of the Administrator—
(A) such management official—
(i) has willfully and knowingly committed any substantial violation of—
(I)
this chapter;
(II)
any regulation issued under this chapter; or
(III)
a cease-and-desist order which has become final; or
(ii)
has willfully and knowingly committed or engaged in any act, omission, or practice which constitutes a substantial breach of a fiduciary duty of that person as a management official; and
(B)
the violation or breach of fiduciary duty is one involving personal dishonesty on the part of such management official.
(2) Contents of notice
A notice of intention to remove a management official, as provided in paragraph (1), shall contain a statement of the facts constituting grounds therefor, and shall fix a time and place at which a hearing will be held thereon.
(3) Hearings
(A) TimingA hearing described in paragraph (2) shall be fixed for a date not earlier than 30 days nor later than 60 days after the date of service of notice of the hearing, unless an earlier or a later date is set by the Administrator at the request of—
(i)
the management official, and for good cause shown; or
(ii)
the Attorney General of the United States.
(B) Consent
Unless the management official shall appear at a hearing described in this paragraph in person or by a duly authorized representative, that management official shall be deemed to have consented to the issuance of an order of removal under paragraph (1).