WASHINGTON — Former credit union members have been among the victims of a stock fraud scheme involving 8 former credit unions that converted into banks, according to a complaint and plea agreement filed in Federal Court by the Securities and Exchange Commission and one of the defendants.
The U.S. Attorney for New Jersey charged that Bert Fingerhut, his nephew Bruce Fingerhut, a childhood friend Robert Danetz and his brother Stephen embarked on a scheme through which they would fraudulently purchase stock made available to mutual bank depositors.
Former credit union members were hurt by their actions by losing access to stock they would have otherwise have been able to buy, the agency said. Of the four, Bert Fingerhut has plead guilty and the agency has settled with the other three.
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The eight former credit unions where the fraud took place include Viewpoint Bank (formerly Community Credit Union), Heritage Financial Group, (AGE FCU)
Atlantic Coast Federal Corp (Atlantic Coast FCU) K-Fed Bancorp (formerly Kaiser Permanente Employees FCU), Rainier Pacific Financial Group (Rainier Pacific CU),
Synergy Financial Group (Synergy FCU), First Pactrust Bancorp (Pacific Trust FCU), Jade Financial (IGA FCU).
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