AEA Fraud Case
January 2012 is the scheduled date for an alleged business loan fraud case involving AEA Federal Credit Union.
According to the U.S. Attorney's Office for the District of Arizona, the case will be held in Phoenix.
In December 2010, AEA confirmed that an 11-month federal investigation revealed that William Liddle, a former vice president of business services at the credit union in Yuma, Ariz., was allegedly one of the persons behind the approval of business loans in an apparent $1 million kickback scheme. Criminal charges were filed by the FBI with the U.S. Attorney’s Office alleging fraudulent actions against 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, according to the district attorney. Liddle worked at AEA from November 2004 to December 2009.
The NCUA placed AEA in conservatorship Dec. 17, 2010.