The FBI is investigating whether the former manager of the former Parsons-Pittsburg Credit Union embezzled $10 million and gambled it away at casinos in Oklahoma and Missouri, according to documents filed in U.S. District Court in Wichita, Kan.
Former employee of liquidated Parsons-Pittsburg Credit Union cites millions in gambling, court documents say.
Placed into conservatorship Jan. 24 with 9.49% net worth, the $13.4M Kansas credit union was liquidated Friday.
The NCUA took control of day-to-day operations at the $13.5 million Parsons Pittsburg Credit Union in Parsons, Kan. on Jan. 24, blaming unsafe and unsound practices.
Kansas credit union reported 9.39% net worth as of Sept. 30.
Four of five hit this week with agency bans stole from credit unions where they were the sole employees.
While only a small percentage of Kansas’ credit unions offer member business loans, the Kansas Department of Credit Unions felt the need to issue a reminder bulletin after recently spotting a few violations.
Kansas regulator comes down on MBL violations.
Department of Credit Unions cites "accounting irregularities" found during routine examination last week.