Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Prohibition orders issued by the NCUA Oct. 30 marked the final chapter in two embezzlement cases so large, they resulted in credit union failures. In total, three individuals were banned from participating in the affairs of any federally insured financial institution.

Linda Sue Newcomb, former president/CEO of the now closed Lynrocten Federal Credit Union in Lynchburg, Va., pleaded guilty to embezzlement, bank fraud and aggravated identity theft and was sentenced to 10 years in prison and five-years supervised release. She also was ordered to pay more than $11.7 million in restitution.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.