A U.S. District Judge in Denver ordered the founder of a fake credit union to pay more than $1 million in civil penalties and as restitution for bilking members out of $532,000 in bogus certificates.

According to court documents, Judge John L. Kane issued his final judgment Oct. 8 against Stanley B. McDuffie of Denver, who founded Her Majesty’s Credit Union in the Virgin Islands and sold $532,591 in CDs to four members. Judge Kane ordered McDuffie to pay that total amount and an additional $532,591 in a civil penalty to the U.S. Securities and Exchange Commission.

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Peter Strozniak


Credit Union Times

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