ANN ARBOR, Mich. — A branch manager from Huron River Area Credit Union, which was placed into conservatorship earlier this year, has been arrested for embezzlement according to a local news report.
The Ann Arbor News reported that the Brighton branch manager, Jason Stewart Dodge, took out false loans in members' names to cover up $100,000 he allegedly stole from the credit union's cash vault. He was reportedly arrested about three weeks ago and released on $50,000 personal bond.
Brighton Police Lt. Jon Westendorf told Ann Arbor News that Brighton and State Police investigators, in coordination with the FBI, found records related to the thefts in Dodge's home.
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An NCUA spokesperson stated, "NCUA cannot comment on investigations or potential enforcement actions." The agency would not confirm whether the arrest was related to the conservatorship or not.
Michigan's Office of Financial and Insurance Services had not returned calls for comment as of press time. The state appointed NCUA conservator of the $348 million credit union Feb. 16 after declaring it in danger of insolvency. At that time, the board and CEO were relieved.
NCUA is running the credit union with the goal of continuing service uninterrupted and ensuring a safe, sound credit union operation for its 39,000 members. The agency has assured that member accounts are federally insured up to at least $100,000 per account by the NCUSIF.
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