Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LEXINGTON, Ky. – A dozen Kentucky residents who invested in fake certificates of deposits issued by two individuals, will soon have their money returned. Two persons involved in the sale of fake CDs involving a fake credit union, have agreed to pay back investors $463,192 according to Kentucky State Attorney General Greg Stumbo. Stumbo said Robert A. Halcombe of Michigan and Dover Holland of Alabama, told people they were investing in CDs with the fictitious World Bank Staff Credit Union although the money was actually placed in a bank account under one of their names. Halcombe was also doing business at the Center for Humanitarian Outreach and the Revod Foundation Inc. in Utah. As part of the settlement reached, Halcombe and Holland agreed to pay back the money to investors and to reimburse the state $10,000 for the cost of bringing the lawsuit. The two also agreed not to solicit investments from Kentucky residents until they are registered to do so and not to make any misleading or deceptive statements when soliciting investments in Kentucky. County officials became suspicious when the Clark County Fiscal Court here was asked to invest more than $3 million in the CD scam. Clark County then contacted state officials. Stumbo had previously told Credit Union Times that the fake credit union is not affiliated in any way with the Bank-Fund Staff FCU, based in Washington, D.C., which serves employees of the World Bank and International Monetary Fund. According to NCUA records, the World Bank Staff Credit Union does not exist.

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.