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News Now

CU System
Four defendants removed from investments lawsuit
MIAMI and BOCA RATON, Fla. (11/9/09)--An amended complaint in a class action lawsuit filed against a Florida credit union over fraudulent investment losses perpetrated by a now-defunct broker dealer has removed from the case four individuals originally cited as defendants. The amended complaint was filed Oct. 27 in the U.S. District for the Southern District of Florida and replaces one that had named Boca Raton-based IBM Southeast Employees FCU and four people among the defendants. Those who are no longer defendants are Lary B. McCants, the credit union's president/CEO, and three financial services representatives of the now-defunct broker, Wellstone--Christi Seay, Jay Jones and Barbara Leschander. Seay told News Now that the representatives were removed from the lawsuit because it was determined they were not employees of the credit union. The suit alleges the credit union referred clients to Wellstone, a broker dealer created by Cornerstone Ministries, without adequate due diligence. Wellstone and Cornerstone are both defunct, according to the court documents filed. McCants confirmed to News Now that the amended class action complaint was filed.


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