NCUA used strong words – false, misleading, willful and malicious – to allege a scheme by former Western Corporate FCU officers Robert Siravo and Tom Swedberg to increase their Supplemental Executive Retirement Plan payouts.
"(Siravo and Swedberg) decided to propose amendments to the SERP plans that would (1) change the definition of "Final Compensation" to include all compensation, not just monthly base salary; and (2) increase the gross-up for taxes from 40% to 67%," NCUA said in the amended complaint filed yesterday in U.S. District Court.
Additionally, the two allegedly provided deliberately false information to directors when recommending the SERP changes, and "concealed material facts with the intent to defraud," the suit states.
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