SPRINGFIELD, Mass.-The former officials with D. Edward Wells Federal Credit Union, through the credit union's attorney Mary-Ann Lane, have denied every accusation NCUA has cast their way, from illegal loans to improper bookkeeping to negative share balances. Lane told Credit Union Times that NCUA's accusations are false and the documents filed in support of them, which were sealed, are inadmissible as hearsay. According to documents filed by D. Edward Wells with the U.S. District Court of Massachusetts (Springfield) last week, the documentation is not a normal "business record" nor "public record," since they are sealed, and therefore are hearsay falling under no known exception. Additionally, the credit union's response to NCUA's opposition to the credit union's motion charged that other sealed filings could not be authenticated. Though the supporting documents are sealed, NCUA's memorandum in opposition to the respondents' application to block the conservatorship, filed by Department of Justice attorney Karen Goodwin, tells a story of an illegal loan 33% of the credit union's total assets and 424% of its net worth, which was not disclosed on the credit union's books; alleges overdrawn accounts in aggregate of more than $1 million as of Feb. 28, including D. Edward Wells President and CEO Carol Aranjo for over $71,470; and withholding of books and documentation from examiners by the credit union. Additionally, NCUA said that the credit union failed to reconcile its main operating account with Fleet Bank since May 31, 2002, making it impossible to determine the credit union's liquidity position. Lane, on behalf of D. Edward Wells, has filed a motion to unseal NCUA's supplementary documentation after eliminating unique personal identifiers, which had not been ruled upon at press time. The credit union also filed a motion to prevent NCUA from destroying books and records and another motion ordering NCUA to release the independent auditor's report.