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SPRINGFIELD, Mass. — The federal grand jury trial of former D. Edward Wells president/CEO Carol Aranjo and her husband, Alphonso Smith for conspiracy, tax evasion and embezzlement that led to the liquidation of the CU continued here last week.

According to a report in The Republican, former CU Board Member William H. Zachery Jr. told the jury that loan files were missing when he conducted an audit. Among the missing files were Aranjo’s mortgage, loan documents in her two sons’ names, and a loan to a former fraternity brother of board member Michael Akers, Zachery testified. Others loan files were incomplete, lacking application forms and other paperwork, he said.

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