Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Aranjo sentenced to 4.5 years in CDCU embezzlement
SPRINGFIELD, Mass. (9/26/08)--A former CEO convicted of embezzling $1.5 million from a now-defunct community development credit union in Springfield, Mass., was sentenced Thursday to 4.5 years in prison and ordered to make restitution totaling $1.4 million. Carol Aranjo, former CEO of D. Edward Wells CU, had been convicted of 44 charges, including embezzlement, conspiracy to embezzle, bank fraud, and filing false tax returns (Masslive.com and The Republican Newsroom Sept. 25). Her husband, Alphonso Smith, who was convicted of 10 charges, was to be sentenced later Thursday. U.S. District Judge Michael A. Ponsor noted that Smith was responsible for between $200,000 and $400,000 in company losses. The embezzlements occurred through bogus transfers, issuance of "free" cashier's checks, and running accounts deeply in the red. The credit union was closed by federal regulators in 2003. At the time it had losses totaling about $3 million News Now Feb 8). Aranjo, who was a well-known advocate of community development credit unions, was removed as chair of the National Federation of Community Development Credit Unions in 1999 and she departed from the federation in 2000.


RSS print
News Now LiveWire
@AdamMertzCUNA @CUNACraig @AnnHPeterson @CUEscan @cumagazine
1 hours ago
.@TheNCUA :Low-income CUs can expand services to members, train staff,collaborate for efficiencies w/more than $1M in grants awarded 2day
11 hours ago
.@CUNA joins 11 other financial service orgs urging @SenateFloor to take up #CISA to strengthen cybersecurity information sharing
12 hours ago
.@RedwoodCU and its staff donated a combined $5,100 toward AIDS Walk San Francisco. The CU is a longtime sponsor of the event.
12 hours ago
See the latest from @CUNA's CompBlog on Customer Due Diligence. http://t.co/rzOzDUpNMT
12 hours ago