Six Banned by NCUA After Criminal Charges
The NCUA on Wednesday issued prohibition orders designed to keep six individuals from five credit unions from further participating in the affairs of any federally insured financial institution.
Marivic Arano, a former employee of San Francisco-based Sierra Point Credit Union, entered a no-contest plea to felony charges of embezzlement and grand theft. Arano was sentenced to five years in prison and ordered to pay a fine of $1,040 and restitution in the amount of $202,205.97.
David Beard, a former director of Health Alliance Federal Credit Union in Somerville, Mass., admitted to facts sufficient for a charge of larceny. Beard was ordered to pay restitution in the amount of $7,709.38.
Shawn Lee Nelson, a former vice president of lending at Houston-based Members Choice Credit Union, consented to the issuance of a prohibition order to avoid the time, cost and expense of administrative litigation. Nelson faces sentencing in September after pleading guilty to embezzling $340,309 by opening signature loan accounts in the name of three members.
Michael Saad, a former appraiser used by DHCU Community Credit Union in Moline, Ill., was convicted of making false statements to a federally insured credit union. Saad was sentenced to six months in prison, six months of home confinement, two years of supervised release, and ordered to pay restitution in the amount of $131,575.06.
Nkajlo Vangh, a former director, and True Yang Vangh, a former employee of Hmong American Federal Credit Union in St. Paul, Minn., consented to the issuance of a prohibition order to avoid the time, cost and expense of administrative litigation. The NCUA had closed and liquidated the $2.7 million credit union in May 2011.