A credit union walking distance from the NCUA that was once a shining star among small credit unions crumbled this year amid allegations of fraud, embezzlement and the suicide of its manager.
The $2.4 million Shiloh of Alexandria FCU was founded in 1993 by the late John DuPree Sr., to serve members and employees of Shiloh Baptist Church, their immediate family members, and an underserved area within the city of Alexandria, Va.
When the NCUA liquidated Shiloh in April, the agency stated that the volunteer-run credit union was insolvent and had no prospect for restoring viable operations. However, that explanation didn't tell the whole story, according to the 624-member credit union's financial reports available on the NCUA's website.
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