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NCUA Seeks $11.8 Million Against Deceased Financial Adviser's Estate

According to a published report, NCUA has filed an $11.8 million claim to recoup losses against the estate of a deceased financial adviser who worked with the defunct New London Security Federal Credit Union.

By Michelle A. Samaad | Updated on March 10, 2009

According to a published report, NCUA has filed an $11.8 million claim to recoup losses against the estate of a deceased financial adviser who worked with the defunct New London Security Federal Credit Union.

TheDay.com reported today that accounts listing the CU’s assets do not exist. NCUA liquidated Connecticut-based New London last summer after determining that the CU was insolvent. That same day, Edwin F. Rachleff, a financial adviser who handled the CU’s investments, committed suicide. A NCUA representative was not immediately available for comment on the $11.8 million claim.

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