Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Broker for liquidated CU accused of fraud
NEW LONDON, Conn. (12/8/09)--A late New London, Conn., stockbroker linked to the disappearance of $12 million from a defunct Connecticut credit union has been accused of fraud, according to documents filed with a securities firm regulator. Edwin F. Rachleff, a former employee of A.G. Edwards, is accused of misappropriating $7.5 million from one of his clients, according to online records from the Financial Industry Regulatory Authority (FINRA). FINRA is an independent regulator for securities firms in the U.S. Rachleff, who committed suicide in August 2008, handled investments for New London Security FCU, New London, Conn. The credit union was liquidated in July 2008 by the National Credit Union Administration (NCUA). Authorities did not tie Rachleff’s death to the credit union’s failure. Rachleff’s estate was sued by NCUA in March for $11.8 million in losses. The suit alleged that Rachleff created fraudulent account statements (News Now Aug. 4, 2008 and March 12).


RSS print
News Now LiveWire
.@BelvoirFederal revamped the checking acct. it offers to active duty military members and achieved 23% growth on the product in 1 mo.
7 hours ago
.@FinancialCmte markup of Reg D Study Act set for Tuesday. CUNA will submit support letter. http://t.co/cDWkZ0Q0x1
11 hours ago
The 54th Western CUNA Management School graduated 89 students on July 25.
11 hours ago
.@CUNA Bank Secrecy Act training to reach 38 Mich. state examiners #NewsNow http://t.co/7HDPgwih8G
12 hours ago
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
7 25 ago