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NCUA Issues Prohibition Orders for Jelen, Ray and Others

Valor FCU CEO Sean Jelen and Ochsner Clinic FCU CEO Jacqueline Ray receive prohibition orders, barring them from participating in the affairs of any federally insured financial institution.

By Sarah Snell Cooke | Updated on July 29, 2016

The NCUA issued eight prohibition notices to criminals during the month of July, including Sean Jelen, former CEO of Valor FCU in Scranton, Pa., which has made national headlines. These people are prohibited from participating in the affairs of any federally insured financial institution.

Jelen, 33, embezzled $718,000 to pay for credit card bills, college tuition, his spouse’s birthday party and a golf tournament sponsorship from the $231 million credit union. In addition to a fraud charge, he was also charged with attempted fraud for creating a forged severance contract before he was fired by the board of directors in August 2015 for another $1.1 million.

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