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CBS credit union manager stealing more than $40 millions..

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Valued Contributor

CBS credit union manager stealing more than $40 millions..

CBS credit union manager charged with stealing more than $40 millionSmiley Mad

Now here is the real danger man Smiley Very Happy

https://www.msn.com/en-us/news/crime/cbs-credit-union-manager-charged-with-stealing-more-than-dollar...

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Message 1 of 6
5 REPLIES 5
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Moderator

Re: CBS credit union manager stealing more than $40 millions..

How idiots think this won't catch up to them is baffling

Message 2 of 6
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Anonymous
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Re: CBS credit union manager stealing more than $40 millions..

he had been an examiner with the National Credit Union Administration

 

Yikes...

Message 3 of 6
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Moderator Emeritus

Re: CBS credit union manager stealing more than $40 millions..


@CreditCuriosity wrote:

How idiots think this won't catch up to them is baffling


When you get away with it for 19 years, not sure that this dude was the idiot other than not just walking away.

 

40m, I would've been living an absurdly good life with a small fraction of that.




        
Message 4 of 6
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Community Leader
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Re: CBS credit union manager stealing more than $40 millions..

This story is baffling on so many levels. 

 

20 years! I mean, seriously. I thought banks—I know organizations do—had to have an annual audit done by an outside independent CPA firm. 

 

Does this man understand “you have the right to remain silent.” He was arrested March 6 and has completely spilled the beans. Thankfully for us, putting him away should be easy. 

 

The CU is now insolvent. Well, they had to be tinkering on the edge for at least the last 5-10 years. I mean, they had to be bleeding. It’s amazing to me that he got away with this for so long even if he did have inside knowledge (an examiner). 

 

So it was a measly $35K check (compared to $40M) written to himself to finally alert someone to something was not right. 

 

Yep, this CU should have closed its  doors and I believe other heads should roll too because it’s no way this manager should have been able to pull this heist (yep, that’s what it is) for 20 years. 

 

Just unbelievable!


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Message 5 of 6
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Moderator Emeritus

Re: CBS credit union manager stealing more than $40 millions..

In today's world with the many federal and state banking agencies in place, how did this matter go on? Also, where were the Board Members and Supervising Members that generally are required to operate a credit union? Something smells...? Where were the independent outside audits as has been brought up in this post? Yeah!

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