Former Arizona Credit Union Vice President Is Arrested
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.
Sweet-McGregor said while she knew members' money was backed by the NCUSIF, some were uncertain about the AEA's financial condition. As a result, some withdrew their money and closed their accounts.
"It has been heartbreaking to our board and to our staff to see this happen to us after so many years of strong growth and development," Sweet-McGregor said. "AEA has always been a strong community partner. It has been very difficult to scale back with our contributions to the community, without being able to comment as to the reasons for reducing the contributions."