X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

<p>COLUMBIA, S.C. – The former president of a now-defunct credit union was sentenced last week to six and a half years in prison for his role in the credit union’s demise, including approving questionable loans to high-profile athletes. Lawyers for Andre Lewis, former head of Richland Teachers Council Federal Credit Union, said they would appeal the sentence handed down Monday by U.S. District Judge Joseph Anderson. They said they also would appeal his conviction of last September. A jury found Lewis guilty of eight of 18 criminal charges. He also was ordered to pay $463,035 in restitution to the NCUA, which wrote off $1.3 million in bad loans. The loans were made to athletes and other associates of Summit Management, a now-shuttered Columbia sports agent firm accused of defrauding its clients of hundreds of thousands of dollars. “It was some of the worst lending we’d seen in a long time, frankly, and we look at a lot of credit unions,” Larry Maynard, NCUA director of special actions, was quoted as saying Tuesday in The State newspaper in Columbia. Richland Teachers Council FCU was taken over by Heritage Trust FCU in the wake of the investigation. It originally was created to serve African-American teachers in Richland County, home to South Carolina’s capital city.</p>

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.