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Jonathan DunningA former Alabama credit union president/CEO was charged with bank fraud, money laundering, wire fraud and conspiracy Monday. A 112-count indictment detailed how Jonathan Wade Dunning, 51, allegedly controlled the cooperative and stole $14 million in property, assets and federal grants that were supposed to fund health care services for poor children, adults and the homeless.

Dunning, shown at left, pleaded not guilty to all felony charges in U.S. District Court in Alabama after federal agents arrested him in a resort hotel in Hoover, Ala., according to court records.

From October 2008 to October 2011, Dunning was president/CEO of Birmingham Financial Federal Credit Union. On Oct. 27, 2011, the NCUA placed the $1.3 million, 429-member cooperative into conservatorship. About six weeks later, the federal agency liquidated the credit union. The $125 million CO Credit Union in Birmingham immediately assumed BFFCU’s members, assets, loans and debt.

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Peter Strozniak

 

Credit Union Times

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