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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.


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