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CU Brokerage COO Charged with $2.5 Million Theft

RYE, N.Y. -- John P. Walsh, the former chief operating officer of Affina Brokerage Services LLC, a subsidiary of USAlliance Federal Credit Union, has been charged with theft for allegedly stealing $2.5 million from the CUSO.

By Michelle A. Samaad | Updated on January 11, 2009

RYE, N.Y. — John P. Walsh, the former chief operating officer of Affina Brokerage Services LLC, a subsidiary of USAlliance Federal Credit Union, has been charged with theft for allegedly stealing $2.5 million from the CUSO.

Joann Kay, assistant vice president of marketing at $664 million USAlliance FCU, confirmed the details in several local reports that said Walsh unlawfully transferred stock from Affina Brokerage into accounts under his management and sold the shares for his personal use. Kay also confirmed that Walsh came up with fake stock positions that were used as collateral for loans between June 17, 1999 and Jan. 1, 2008.

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