Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Brokerage exec pleads guilty to 2.5M stock theft from CU
RYE, N.Y. (11/12/09)--The former chief financial officer of a Rye, N.Y.-based credit union's brokerage firm has pleaded guilty to embezzling more than $2.5 million in stocks from the firm over nine years. John Walsh, 54 of Yonkers, pleaded guilty to first-degree grand larceny in the state Supreme Court in White Plains, N.Y. He was chief financial officer of Affina Brokerage Services, a subsidiary of the $773 million asset USAlliance FCU (lohudblogs.com Nov. 11). The thefts, which allegedly occurred from June 17, 1999, to Jan. 27, 2008, involved transferring shares of stock from the credit union into accounts he managed, then selling them for cash. He also created phony stocks and used them as collateral for loans, police said. Walsh faces three to nine years in state prison and restitution of the funds stolen. Sentencing has been set for Jan. 14.


RSS print
News Now LiveWire
Expanded ATM services at branches attractive to members: @CFIGroup. See #NewsNow Friday
10 hours ago
#FinCEN imposes civil money penalty against NJ's BPI money services co. for #BSA violations http://t.co/WnDzOcxdOZ
12 hours ago
.@ABCULCUs give hat tip to America's #100MM #creditunion milestone http://t.co/q8yo6Lx3LM
13 hours ago
The @CFPB has announced new Credit Union Advisory Council members, as well as other senior leaders, advisory board and council members.
14 hours ago
GDP expanded 4.2% on an annualized basis in 2Q according to Bureau of Economic Analysis
14 hours ago