Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Included in the five prohibition notices issued by the NCUA in April was a former CEO of the now defunct U.S. Mortgage Corporation and CU National Mortgage, LLC.

Michael J. McGrath, Jr. is one of five individuals who were convicted of crimes of dishonesty and are now prohibited from participating in the affairs of any federally insured financial institution. McGrath pleaded guilty to conspiracy charges to commit mail and wire fraud and money laundering while serving at the Pine Brook, N.J.-based companies. He was sentenced to seven years in prison and three years’ supervised release, and was ordered to pay more than $139.6 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 © 2021 ALM Media Properties, LLC. All Rights Reserved.