Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CU serving churches among Ponzi scheme victims
SOUTHFIELD, Mich. (10/12/10)--A Southfield, Mich.-based investment adviser has been indicted on felony bank fraud and wire fraud charges related to an elaborate Ponzi scheme that stole $10 million from investors that included a local union, state municipalities, a school district, and a credit union serving churches. According to federal prosecutors, Dante DeMiro, 43, founder and managing director of MuniVest Financial Group and MuniVest Services LLC, allegedly promised clients he would buy millions of dollars in certificates of deposit but instead alleged used the funds to make loans to a jewelry store and repay earlier investors (The Detroit News and mlive.com Oct. 8). Ponzi schemes are a fraudulent practice in which funds paid by later investors are used to pay off earlier investors. The indictment said the scheme had run since at least March 2009. The credit union was not named in the report. Other victims included taxpayers of Lapeer County, Mich., Mona Shores Public Schools in Muskegon, schools in Comstock Township near Kalamazoo, and Boiler Makers Local 169 in Allen Park, Mich. (The Detroit News Oct. 8). If convicted, DeMiro faces up to 30 years in prison and a $1 million fine if convicted of bank fraud, plus 20 years and $250,000 if convicted of wire fraud.
Other Resources

RSS print
News Now LiveWire
Even 1 step makes a difference in preparing for disasters #creditunions #NewsNow http://t.co/eFUmMJnIwA
7 hours ago
From today's @USATODAY front page, a shout out to #CreditUnions courtesy of @CUNA http://t.co/881vLPeECN
8 hours ago
Happy anniversary to the ATM! 45 years of self-service cash HT @GOBankingRates http://t.co/ycsm3GFwk5
10 hours ago
.@USATODAY print edition features #creditunion membership march to #100mm. Zoom in on lower left hand corner #NewsNow http://t.co/Xv8fyX7ces
10 hours ago
No special assessment for ASI member #creditunions in 2014. See #NewsNow http://t.co/NwL9eJwbiQ
11 hours ago