The NCUA has banned former Her Majesty’s Credit Union President/CEO Stan Roberson from participating in the affairs of any federally insured financial institution.
Roberson had been convicted of contempt of court and sentenced to six months in jail 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.
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.
Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million.