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CU System
CU System briefs (09/26/2011)
* AUGUSTA, Ga. (9/27/11)--An investigation is continuing into what caused a fire early Friday morning that destroyed the main office of Augusta (Ga.) VAH FCU (WJBF.com Sept. 23). The Augusta Fire Department said that it doesn't suspect foul play or arson at this time. The fire broke out at about 5 a.m., and a burglar alarm went off just before the fire broke out, said local media. The credit union said a security guard was on site through the weekend protecting the vault and the safety deposit boxes, which were not damaged. No one was injured in the fire … * BIRMINGHAM, Ala. (9/27/11)--Michael John Young, 42, former president of Birmingham, Ala.-based Alabama Central CU, was sentenced Thursday to 17 months in prison for allegedly submitting $140,000 in bills from two fictitious companies that were paid by the credit union for services not provided. Young pleaded guilty to the bank fraud charge in June. U.S. District Judge L. Scott Coogler also ordered Young to pay $140,000 in restitution. The bills were submitted between April 2009 and June 2010 (Birmingham Business Journal Online and Associated Press via Bloomberg Businessweek Sept. 23) … * RICHMOND, Va. (9/27/11)--Debra R. Morris, 60, former manager of the St. Paul's Baptist FCU in Richmond, Va., has been charged with embezzling $40,000 from the credit union. She was arrested Thursday and charged with two counts of embezzlement after an audit turned up suspicious financial actions between June 2, 2008, and April 2010. The credit union, which was run by volunteers and served a church congregation, merged with Richmond-based, $120 million asset Henrico FCU earlier this month. Until the merger, St. Paul's had 684 members with $326,338 in assets, according to the National Credit Union Administration (Richmond Times-Dispatch Sept. 24) …


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