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CU System
CU System briefs (11/01/2011)
CU System briefs

  • RICHMOND, Va. (11/2/11)--Joseph Haddon Jr., 49, former CEO of  Richmond (Va.) Postal CU, was sentenced Wednesday to one year in jail and ordered to pay $20,271 in restitution in the embezzlement of more than $50,000 from the $84 million asset credit union. Haddon pleaded guilty to two felony counts of embezzlement (The Richmond Times-Dispatch Oct. 27).  He was accused of stealing $52,233 from the credit union between July 14, 2009 and Oct. 4, 2010, and spending the money on items such as Washington Redskins tickets that cost nearly $2,000. He also allegedly billed the credit union to pay a lawyer in a divorce and pay for health insurance for a girlfriend. Richmond Circuit Court Judge Bradley B. Cavedo sentenced Haddon to 10 years, all suspended, on one of the counts, and 10 years with nine suspected on the other. He ordered Haddon to participate in a work-release program while serving the sentence …
  • MIDVALE, Utah (11/2/11)--Police say they found pipe bombs in the home of a man suspected in several credit union and bank robberies. The man, James Brent Milligan, 52, was booked Oct. 23 on suspicion of aggravated robbery in the Oct. 22 heist of Cyprus FCU, Midvale, Utah. Police said the robber left personal items in the parking lot that helped track down the suspect. Milligan is also a suspect in an Oct. 1 robbery of Wells Fargo Bank and a Sept. 7 robbery at another credit union (Associated Press Newswires Oct. 21) …
  • GRAND RAPIDS, Mich. (11/2/11)--The new Chippewa Eagle FCU (CEFCU) located in Mt. Pleasant, Mich., announced that it has reached the $2 million asset milestone after seven months in business. Its membership is expected to exceed 1,000 members by the end of December.  The performance exceeded the National Credit Union Administration's growth expectations, said its data processor, CU*Answers.  Greg Carroll, CEFCU president/CEO, attributed the growth to its broad product suite. It participates in CU*Answers'  Starting a Credit Union program. The program provides any start-up credit union with nearly all core processing services free for an initial two-year period …


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