The Alabama Credit Union Administration has lifted suspensions on three employees from the $608 million Alabama One Credit Union as it continues to investigate member claims of loan fraud.
William J. Memmer accused of stealing $1.8M and understating assets by $5.7M, causing failure of $15.5M GICFCU.
Former Lynrocten Federal Credit Union employee said she stole as much as $4,000 per month for four years.
Culpeper, Va., credit union accuses staff of shuttered Lynchburg, Va., credit union of stealing loan sharing funds.
Former vice president, wife, associate accused in apparent $1 million kickback scheme.
An 11-month federal investigation has revealed that a former vice president of business services at AEA Federal Credit Union in Yuma, Ariz., was allegedly one of the persons behind the approval of business loans in an apparent $1 million kickback scheme.
AEA Federal Credit Union in Yuma, Ariz., announced today it has been notified that the FBI has filed criminal charges with the U.S. Attorney's Office alleging fraudulent actions on the part of its former vice president of business services.
The FBI said a school district, state municipalities and credit unions that served several churches were among the victims of a $10 million Ponzi scheme run by a Southfield, Mich., investment adviser.
The arrests of dozens of suspects in New York last week for the theft of at least $3 million from banking accounts across America was both good news and a wakeup call for the credit union industry.
Several credit unions, a school district and state municipalities were among the victims of a $10 million Ponzi scheme run by a Southfield, Mich., investment adviser, according to the FBI.