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News Now

CU System
Former CEO pleads not guilty to embezzlement
WISCONSIN RAPIDS, Wis. (7/21/09)--The former president of the now defunct Rapids Municipal CU in Wisconsin Rapids, Wis., pleaded not guilty Thursday in a U.S. District Court to charges of embezzling about $634,222 from the credit union. David K. Henke, 50, was charged with bank fraud and embezzlement over a period from November 1999 to October 2008 from the credit union (Wausau Daily Herald July 18). The Western District of Wisconsin U.S. Attorney's Office said Henke allegedly made false entries into general ledger accounts, added unauthorized loan amounts to members' new and existing loans without their knowledge, converted members' share certificates for his own use and used credit union checks to pay personal expenses. The credit union served employees of the city, Riverview Hospital, Family Heritage Nursing Home and the Wisconsin Rapids School District. Rapids Municipal CU was acquired Dec. 31 by another credit union, Bull's Eye CU, which is beginning work on returning the money (WisconsinRapidsTribune.com July 17). Bull's Eye President David Stark told the newspaper that its employees will contact members affected in the next few days to explain the claims process. Henke was never associated with Bull's Eye CU. If convicted, he faces a maximum 600 years in federal prison, a $1 million fine, a $2,000 special assessment and a restitution order, said the Wausau newspaper.


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