More than $25 million in alleged fraudulent loans authorized by William Liddle, the former vice president of business services at AEA Federal Credit Union, are now in default.
That's according to the Arizona Office of the United States Attorney. Liddle, along with his wife Rhonda, and Frank Ruiz, an Arizona businessman, were arrested Dec. 2 for their roles in approving questionable AEA business loans in exchange for nearly $1 million, the attorney's office said. Ruiz used the loans to fund his businesses, many of which are now bankrupt. The three persons have since filed personal bankruptcy.
In a Dec. 2 statement, U.S. Attorney Dennis K. Burke said "They have victimized not only a financial institution, but an entire community and jeopardized that community's faith in this institution. We will make sure they are also held accountable for their disregard of the law and the consequences suffered by the credit union."
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