Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
NCUA issues prohibition order to former CU CEO
ALEXANDRIA, Va. (6/3/11)—The National Credit Union Administration (NCUA) on Thursday prohibited Stan Roberson, a former employee of Denver, Colo.-based Her Majesty’s CU, from future work at any federally insured financial institution. Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million. Roberson, the former CEO of the credit union, was convicted of contempt of court and sentenced to 180 days in jail. Late last year, Roberson was sentenced to one year in jail for contempt of court and failing to produce documents for a securities investigation by the Colorado Division of Financial Services. Regulators have investigated the credit union in an attempt to determine whether it is legitimate or a fraud. The investigation was spawned by the credit union’s offering of certificates of deposit to consumers over the internet at interest rates above prevailing rates. Roberson also made several inconsistent statements during a discussion with the Credit Union Association of Colorado last year. The then-CEO claimed to be in charge of the only Virgin Islands-based credit union, and claimed that his credit union was a member of both the Credit Union Association of New York and the Credit Union National Association. The statements were false. The credit union is still in operation, is chartered in the U.S. Virgin Islands, and maintains a back office operation in Denver, Colo. However, the credit union is not chartered by the Colorado Division of Financial Services nor the NCUA. For the full release, use the resource link.
Other Resources

RSS





print
News Now LiveWire
Watching #SuperBowlXLIX this Sunday? Look for regional #creditunion #commercials @CltMetroCU @BECU @golden1cu #Seahawks #Patriots
1 day ago
Philadelphia's American Bakery Workers FCU liquidated by @TheNCUA; @trumarkonline assumes shares
1 day ago
More branch shutterings by @Citi: 4th-largest bank to close 10% of #Chicago area branches HT @CrainsChicago http://t.co/2vAvgucLY5
1 day ago
56% struggle with subprime credit scores says @cfed survey HT @washingtonpost http://t.co/RHmMvuhNtw
1 day ago
How to use social media for crisis communications Feb. 10 webinar from @SBAgov, @AgilityRecovery http://t.co/d16t8RHr7n
1 day ago