The NCUA Board, serving as conservator plaintiffs in the Western Corporate FCU lawsuit, filed an amended complaint Aug. 31 in Los Angeles U.S. District Court that added charges and defendants to those originally filed by seven natural person credit union members last year.
New allegations were made against former WesCorp President/CEO Robert Siravo and Vice President of Strategic Planning and Organizational Development Tom Swedberg, accusing the two of fraud when they increased 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 charged in the amended complaint.
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