Two former Connecticut credit union executives claimed they werefired in retaliation for exposing alleged fraudulent financialreporting practices. And, they claimed the funds paid the CEO'sbonuses and a monthly retirement allotment of more than$45,000.
Former CFO Timothy Ross and Shannon Hall, vice president oflending for the $387 million Nutmeg State Financial Credit Union inRock Hill, Conn., filed the wrongful discharge and defamation civillawsuit on May 31 in Connecticut Superior Court.
Ross and Hall claimed Nutmeg StateFinancial CU President/CEO John Holt allegedly encouragedaccounting practices that were inconsistent with GAAP and contraryto state and federal laws. The suit also claimed Holt allegedly didso in an attempt hit profit targets, which allowed him to receivecompensation bonuses and fund his $45,000 a month supplementalexecutive retirement plan.
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