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
Matz: Revised @TheNCUA #RBC rule for #creditunions 2 B unveiled 1/15/15, 90-day comment period to follow #newsnow http://t.co/qABhvghSTU
4 hours ago
Just announced: @TheNCUA board will consider a revised risk-based capital rule at its Jan 15 mtg. See #NewsNow Monday for more info.
5 hours ago
Nearing one-yr anniversary of data breach, @Target asks for class action suits to be dismissed via @BloombergNews http://t.co/kra6kupd35
7 hours ago
.@PeoplesTrustFCU has been recognized with the Juntos Avanzamos designation by @Cornerstone_CUL for its service to the Hispanic community
7 hours ago
#NewsNow: Rep. Hensarling names #HFSC subcommittee chairs. http://t.co/dXAMZdpn1p
8 hours ago