Former WesCorp Chief Investment Officer Settles With NCUA, Banned From Corporates
The NCUA’s settlement with former Western Corporate FCU Chief Investment Officer Robert Burrell has been finalized, according to court documents signed Wednesday in U.S. District Court in Los Angeles.
The regulator, acting as WesCorp’s liquidating agent, and Burrell have dismissed all claims and counter claims with prejudice, and have agreed both parties will pay their own legal costs.
Additionally, the NCUA issued a cease and desist order to Burrell as part of the settlement. The order, which Burrell consented to without admitting fault, prohibits him from participating in the affairs of a federally insured corporate credit union, which includes consulting, advising or selling investment securities.
In 2009, Burrell took a position with RiskSpan, a credit union vendor that provides mortgage and consumer loan trading and analytics. Burrell’s LinkedIn profile says he is currently with the company, but Pat Greene of RiskSpan told Credit Union Times Burrell is no longer with the company.
Burrell is listed as the Managing Principal for ALM ViewPoint, a company that provides asset liability management services and lists RiskSpan and Strategic Risk International as business partners. Messages left by phone at the Los Angeles number and by email were not immediately returned.
The case was the result of the 2009 collapse of WesCorp, and a subsequent negligence and breach of fiduciary suit filed in December of that year by seven mid-sized credit unions against WesCorp executives and directors. The NCUA took over as plaintiff in July 2010 and dropped complaints against all directors and some executives.