NCUA Issues Prohibition Order Against Onetime WesCorp CEO Siravo
The NCUA on Friday issued a prohibition order against former WesCorp CEO Robert Siravo as part of an agreement between Siravo and the agency to settle the regulator’s claims against him arising from the failure of the corporate credit union.
Siravo in the deal also agreed to pay $600,000 to the liquidating agent of WesCorp.
Siravo did not admit liability or fault. However, in the pact, he consented to the prohibition order which bars him from participating in the affairs of any federally insured credit union.
Siravo joined a parade of onetime WesCorp executives who have reached settlement agreements with the NCUA. However, settlements with other key figures – including Robert Burrell and Thomas Swedberg – banned them from corporate credit unions but not natural person credit unions.
The only remaining target of NCUA legal actions centered around the failure of WesCorp. is one-time WesCorp chief financial officer Todd Lane, who presently serves as CFO at California Coast Federal Credit Union in San Diego.
Last week, a federal magistrate in California agreed not to require depositions in the case from NCUA Board Chair Debbie Matz and former board member Gigi Hyland but ordered a deposition from the agency's Kent Buckham, formerly the head of the agency's corporate credit union office and now director of its Office of Consumer Protection.