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News Now

Washington
Six Blocked By NCUA From Future FI Work
ALEXANDRIA, Va. (8/1/13)--Embezzlement and grand theft, larceny, and making false statements were among the charges that sparked the National Credit Union Administration to issue prohibition orders prohibiting the six individuals from participating in the affairs of any federally insured financial institution.

The NCUA said the orders involve the following individuals:
  • Marivic Arano, a former employee of Sierra Point CU, San Francisco, Calif., entered a plea of no contest to felony charges of embezzlement and grand theft. Arano was sentenced to five years in prison and ordered to pay a fine of $1,040 and restitution in the amount of $202,205.97;
  • David Beard, a former board member of Health Alliance FCU, Somerville, Mass., admitted to facts sufficient for a finding of guilt of the charge of larceny. Beard was ordered to pay restitution in the amount of $7,709.38;
  • Shawn Lee Nelson, a former employee of Members Choice CU, Houston, Texas, consented to the issuance of a prohibition order to avoid the time, cost and expense of administrative litigation;
  • Michael Saad, a former appraiser used by DHCU Community CU, Moline, Ill., was sentenced on the charge of false statements to a federally insured credit union. Saad was sentenced to six months in prison, six months of home confinement, two years of supervised release and ordered to pay restitution in the amount of $131,575.06;
  • Nkajlo Vangh, a former board member of Hmong American FCU, St. Paul, Minn., consented to the issuance of a prohibition order to avoid the time, cost and expense of administrative litigation; and
  • True Yang Vangh, also a former employee of Hmong American FCU, consented to the issuance of a prohibition order to avoid the time, cost and expense of administrative litigation.
Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million.

Use the resource link to access all NCUA enforcement orders.
Other Resources

NCUA Prohibition Orders
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