Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
D. Edward Wells CEO case goes to jury
SPRINGFIELD, Mass. (3/12/08)--A trial of a former credit union chief executive and her husband accused of embezzling money from members has gone to a jury. Carol Aranjo, the former chief executive of now-defunct community development credit union D. Edward Wells CU, along with her husband, Alphonso Smith, allegedly stole $1.5 million from the credit union. Jurors began deliberating the case Monday afternoon. So far, 29 individuals have testified during the five-week trial (The Republican March 11). The couple’s defense lawyer stated that the amount they are accused of stealing is “preposterous.” He blamed the credit union’s board, who he said never questioned Aranjo about the money. He also said the missing funds were due to poor bookkeeping, the newspaper stated. Prosecutors said Aranjo used the funds to purchase a sauna and a timeshare in Mexico. Aranjo and Smith also are accused of using the money to pay personal debts. Aranjo and Smith face were charged with embezzlement, conspiracy and tax evasion. If convicted, Aranjo could face up to 14 years in prison (News Now Feb. 19). D. Edward Wells was liquidated in 2003 by the National Credit Union Administration after it suffered significant losses.


RSS print
News Now LiveWire
3 Atlanta fed judges recuse themselves from Home Depot data breach suits via @AtlBizChron http://t.co/lfPgOXZ7sO
1 hours ago
How may falling gas prices impact the U.S. economy? Find out tomorrow in #NewsNow #Market http://t.co/Q9ec9DGLDN
2 hours ago
News of the comp. for tomorrow: Big bank unveils plans for massive $6.5 billion new headquarters #NewsNow #Market
3 hours ago
Consumer confidence surges to 7-year high #NewsNow #Market http://t.co/fMEENGuWPi
4 hours ago
Charlotte Cash, CEO of @COFCU , is engaging members by producing videos on various subject of financial interest to members.
4 hours ago