Two years ago, AEA Federal Credit Union's future looked bleak as it nearly succumbed to the greed of a lending officer who took the cooperative to the brink of collapse.
It was in December 2010 when the NCUA stepped in to place the $231 million Yuma, Ariz., credit union into conservatorship after an 11-month FBI investigation revealed that William Liddle, who worked as vice president of business services, was the mastermind behind the approval of business loans in an apparent kickback scheme.
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, 2010 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.
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