SPRINGFIELD, Mass.– Carol Aranjo, former CEO of D. Edward Wells Credit Union went on trial here yesterday on charges of fraud and embezzlement. Charged in an 86-count indictment in 2006, Aranjo and her husband, Douglas Smith are accused of taking $1.3 million from the community development CU for personal expenses and real estate investments.

Aranjo also made false entries in the CU’s records and obstructed the examinations of the NCUA, which placed the CU into conservatorhip in February 2003, according to Assistant U.S. Attorney Karen L. Goodwin, who is prosecuting the case. Attorney Timothy G. Watkins represents Aranjo and her husband by Mark J. Albano. Both denied any wrongdoing.

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