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Washington
NCUA suit seeks 11.8 million from Rachleff estate
WASHINGTON (3/12/09)—The National Credit Union Administration (NCUA) has filed suit against the estate of the financial adviser to the now-closed New London Security FCU, seeking to recover $11.8 million in losses. The NCUA lawsuit, reported Wednesday by TheDay.com, alleges that the credit union’s financial adviser and board member Edwin Rachleff created fraudulent account statements that claimed the credit union was worth $11.8 million. Rachleff, who was 82 and a broker for A.G. Edwards who handled investments for the credit union, committed suicide by jumping from an apartment building. The death occurred after the credit union was closed and news reports at the time said Rachleff was despondent about failing eyesight. The NCUA liquidated New London Security in July 2008, stating the credit union, chartered in 1935, was insolvent and had no prospects for restoring viable operations. In a release a month later, the agency noted that the activities that necessitated the liquidation were under investigation by NCUA and federal criminal authorities since the July liquidation.


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