Thank you for sharing!

Your article was successfully shared with the contacts you provided.

More than two years since New London Security Federal Credit Union was liquidated after alleged investment fraud led to its collapse, a number of lawsuits are still pending to recoup nearly $12 million in losses with the latest naming the NCUA as a target.

In July, five persons filed a motion in the U.S. District Court in Bridgeport, Conn., claiming the NCUA was negligent in oversight of New London, which lost nearly $12 million after financial advisor Edwin Rachleff, now deceased, allegedly committed fraud with the CU’s investment accounts.

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
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.