The Honolulu FBI says three employees embezzled funds in similar ways from the $12M OTSEFCU, but did not collaborate.
Terri Maloney, president/CEO of the $18M Minnesota credit union, speaks on the topic at a local event.
Credit union groups paranoid DOJ could change its mind and reverse guidance that allows accounts for state-legal marijuana businesses.
Despite guidance from FInCEN and the DOJ, legal hurdles remain for state-legal marijuana business accounts.
WASHINGTON – The Colorado congressman said cash-only marijuana businesses risk robbery, assault, fraud and income tax evasion.
WASHINGTON–Minnesota-based retailer considered chip-and-PIN 10 years ago for Target Visa REDcards, but scrapped it.
Despite a new state law in Colorado legalizing recreational use, credit unions still worry marijuana business accounts will run afoul of federal regulations.
While financial institutions wait for guidance from the DOJ, credit union leagues in Colorado and Washington caution against opening accounts for state-legal weed businesses.
Document expected to emphasize that Feds will pursue sellers who abuse new Colorado law legalizing pot sales, but vetting account holders could be tricky.
Taupa Lithuanian CEO given until Jan. 19 for pre-indictment talks with federal prosecutors.