Another member of the $602 million Alabama One Credit Union has filed a lawsuit claiming the cooperative conned him into committing loan fraud, and later pressured him to disavow his complaint to authorities.
The March 16 complaint filed by member Richard Turner named as defendants Alabama One Credit Union, Business Lending Manager Tammy Ewing, Board of Directors Chairman Edwin Harrell and Supervisory Committee Chair Martha Fincher. In the complaint, Turner claimed defendants committed fraud and negligence in connection with a half million dollar loan the credit union convinced him to make to benefit businessman Danny Ray Butler.
In his filing before the Alabama Circuit Court for Tuscaloosa County, Turner alleged that in May 2011 a business acquaintance of more than 25 years, Danny Ray Butler, approached him for a favor.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 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.
