On October 8, 1974, the Franklin National Bank was declared insolvent due to mismanagement and fraud, involving losses in foreign currency speculation and poor loan policies. This caused massive losses for its stockholders, resulted in jail and disgrace for its management; Italian financier and CEO Michele Sindona was poisoned in his cell in 1986, while serving a life-sentence for his part in this affair. It was at the time the largest bank failure in the history of the country, and forced US banking policymakers to reexamine and reassess regulation of international banking.