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News Now

CU System
Ex-CEO of largest British CU under embezzlement probe
YORKSHIRE, England (8/17/09)--The former CEO of the United Kingdom's largest credit union has declared bankruptcy, and an internal investigation for embezzlement has been turned over to the West Yorkshire police. Sue Davenport, former CEO of Leeds City CU (LCCU), was granted bankruptcy at Leeds County Court (Yorkshire Post Aug. 14). Among the creditors owed was the credit union. Police are investigating allegations that she used the credit union's company card for personal expenses, made loans without following approval procedures, and changed balances in credit union members' accounts before she was forced to resign last year by regulators (News Now April 8, 2008, and Nov. 6, 2007). LCCU has 24,000 members and manages about US$49.6 million in assets. The credit union received a $6.6 million bailout from public funds earlier this year.


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