The NCUA on Monday issued a banishment order against Timothy Sidley, onetime chief risk officer with WesCorp.
Sidley had been a party in the litigation NCUA has been pursuing against former WesCorp executives but late last week it was announced that he and NCUA had reached a settlement that will remove him from the case.
The formal NCUA prohibition order – which prohibits Sidley from “participating in any manner in the conduct of affairs of any federally insured credit union” – was consented to by Sidley, apparently as part of his settlement agreement with the regulator.
Sources also indicated that, as part of that agreement, Sidley has agreed to testify against his co-defendants – former WesCorp executives including Robert Siravo, Todd Lane, Robert Burrell and Thomas Swedberg. Confirmation of this has not been issued, either by Sidley’s attorney or the NCUA.
There are additional reports that at least one other defendant has reached a settlement agreement with NCUA but that individual’s identity has yet to be released.