NCUA Bans Four from Federally Insured Institutions
ALEXANDRIA, Va. -- NCUA barred four former credit union employees from participating in the operations of any federally insured financial institutions.
On May 4, NCUA announced that Willie Brown and Dorothea Brown had agreed to prohibition orders without admitting or denying fault to avoid the time and cost of litigation. Both were volunteers at Mt. Hebron Baptist Federal Credit Union, which was placed into conservatorship last year. At the time, the credit union had $30,906 in assets and approximately 104 members. It was founded in 1970.
Glenn W. Culler, former CEO of the former Ackerman Credit Union in Columbus, Ohio, also consented to a prohibition order without admitting or denying fault to avoid the time and expense of administrative litigation.
Finally, former Vermont Federal Credit Union Collections Supervisor Michael D. Monette was convicted of bank fraud and sentenced to four months in prison, four months house arrest, five years supervised probation, and ordered to pay $43,703 in restitution.
Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million.