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Michael Viselli, former president/CEO of the $71.7 million Ingersoll-Rand Federal Credit Union in Athens, Pa., was banned from ever participating in the affairs of a federally insured financial institution, the NCUA announced Friday.
Sometime during his CEO tenure, Viselli allegedly permitted a credit union member to "repeatedly and excessively" overdraft an account in amounts and for durations that exceeded the credit union's policy, according to the NCUA's findings.
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Viselli allegedly permitted a member's account to be overdrawn in amounts of up to $74,386 over four and a half months.
Ingersoll-Rand charged off $39,254 as an uncollectable amount from the member's account, though Viselli paid the credit union $37,178 in connection with the charged off amount, the NCUA said in its prohibition order.
He did not admit or deny any wrongdoing, the federal agency said.
Viselli was Ingersoll-Rand's CEO from September 2005 to March 2018, according to his LinkedIn page. He also is listed as the CEO on the credit union's profile reports filed with the NCUA from 2012 to 2017. Profile reports previous to 2012 were not available online.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
