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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).


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