X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.