A Colorado judge sentenced Her Majesty's Credit Union President/CEO Stanley B. Roberson for not complying with a subpoena by Colorado officials investigating the credit union's sales of certain securities.
Colorado Securities Commissioner Fred Joseph subpoenaed documents as part of his department's investigation into whether the credit union is offering only uninsured deposits or if it is offering and selling unregistered securities.
"He either ignored our requests or sent us copies of his web site,'' Joseph told Credit Union Times. "We are concerned that it's not a legitimate credit union."
Credit union officials could not be reached for comment. During two calls, Credit Union Times was placed on hold for 45 minutes and 30 minutes, respectively, and nobody picked up the phone.
The credit union, which is based in the U.S. Virgin Islands and has a servicing office in Denver, is not federally insured nor is it chartered by the NCUA or the State of Colorado.
At a hearing yesterday, Denver District Court Judge Michael Martinez found Roberson in direct contempt and sentenced him to six months in jail. Robertson, who began serving his prison sentence immediately, was also sentenced to six more months for not producing documents, according to the Colorado Springs Business Journal.