The former chief executive of a failed credit union was sentenced Friday to 18 years in prison for stealing more than $16 million that was supposed to fund non-profit health clinics for poor families and the homeless.
After testimony from more than 50 witnesses and nearly 700 exhibits during an 18-day trial in May and June in U.S. District Court in Birmingham, Ala., a jury convicted Jonathan Wade Dunning, 53, of 62 counts of wire fraud, 33 counts of money laundering, two counts of bank fraud and one count of conspiracy.
What's more, court testimony and NCUA confidential documents revealed that the federal agency successfully demanded Dunning to return nearly $4 million in suspicious non-member deposits. That action by NCUA examiners prevented a greater financial loss for the NCUSIF.
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