An 11-month federal investigation has revealed that a former vice president of business services at AEA Federal Credit Union in Yuma, Ariz., was allegedly one of the persons behind the approval of business loans in an apparent $1 million kickback scheme.
The $309 million credit union announced Dec. 2 that it had been notified that criminal charges have been filed by the FBI with the U.S. Attorney's Office alleging fraudulent actions against William Liddle.
During his time at the credit union, Liddle approved more than $25 million in business loans, according to an indictment from a Phoenix federal grand jury. Liddle, along with his wife Rhonda, and Frank Ruiz, an Arizona businessman, were arrested Dec. 2 for their roles in approving questionable AEA business loans in exchange for nearly $1 million, according to the Arizona Office of the United States Attorney. Ruiz used the loans to fund his businesses, many of which are now bankrupt. The three persons have since filed personal bankruptcy.
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