William Liddle and his wife, Rhonda, have agreed to pay morethan $25.3 million for participating in a business loan kickbackscheme involving AEA Federal Credit Union.
|According to the restitution stipulation filed in the U.S.District Court for the District of Arizona in Phoenix, the amountis the projected loss to the Yuma, Ariz.-based AEA.
|Frank Ruiz, a co-defendant involved the scheme, will pay $6.3million.
|William Liddle, the credit union's former business lending vicepresident found guilty of 54 counts of fraud that led to the nearcollapse of AEA, was recently sentenced to prison for 15 years.Rhonda Liddle was sentenced to 12 months of home incarcerationand five years of supervised release and Ruiz received a two-yearsentence.
|CUMIS will receive the first $5 million in restitution payments,according to the restitution agreement. The insurance provider paidAEA's bond claim. The credit union is set to receive restitutionfor the amount in excess of the $5 million.
|The NCUA placed AEA in conservatorship in December 2010. The regulator recentlyreported that the credit union's financials improved during the firstquarter.
|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? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
