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CU System
CU System briefs (04/20/2011)
* DETROIT (4/21/11)--Dante DeMiro, 43, founder and managing director of MuniVest Financial Group and MuniVest Services LLC, Southfield, Mich., pleaded guilty Tuesday in a federal court of five counts of fraud involving more than $10 million he diverted from municipalities, a credit union serving church members, a bank, a school districts and trade unions. DeMiro admitted that from at least March 2009 to September 2010, he falsely promised to invest their funds in certificates of deposit. Instead, he diverted the investment funds to make loans to a jewelry store and repay other investors in a Ponzi scheme. Sentencing is set for July 12. DeMiro faces up to 30 years in prison and/or a $1 million fine (The Muskegon Chronicle April 19 and Forbes.com April 20) … * HARRISBURG, Pa. (4/21/11)--Two people have been elected to four-year terms on the Pennsylvania Credit Union Service Centers Inc. (PaCUSC) board, announced board Chairman Ralph Canterbury. They are Linda Brown, executive vice president, Service lst FCU, Danville, and Brian Waugaman, chief operations officer, Erie (Pa.) FCU. PaCUSC's annual meeting of shareholders will be May 12 in Hershey, Pa. (Life is a Highway April 20) …


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