Ohio bookkeeper receives 21-month sentence for embezzling $1M from failed credit union.
Ohio business owner admits to embezzling $2.3 million from failed cooperative.
Latest charges allege Ohio men embezzled $1.9 million that led to the credit union’s collapse.
New charges from federal prosecutors include conspiracy to commit bank fraud, money laundering and making false statements.
The material loss report on the failed Taupa Lithuanian Credit Union reveals red flags back in 2010. The failure cost the NCUSIF $33.5 million.
Acting North Carolina Credit Union Administrator Rose Conner said she agreed to not release any state-issued CAMEL codes under her watch. That was good enough for the NCUA to agree Feb. 8 to end separate exams for North Carolina’s state chartered credit unions.
Separate exams in 2012 part of protracted dispute between state, federal agencies over SECU CAMEL score disclosure.
Agency stands by examiner who witnesses said allegedly called himself “The Liquidator” and made inappropriate statements to four female employees.
An NCUA Office of Inspector General’s investigative report revealed that the federal regulator questions the safety and soundness of the $25 billion State Employees’ Credit Union, the nation’s second largest.
CEO Jim Blaine said nation's second-largest credit union is sound and that SECU "can't get a straight answer" from federal regulators.