Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
18 arrested in bad-check scam
WATERLOO, Iowa (7/23/10)--Eighteen individuals have been arrested for involvement in a bad check scam that affected two credit unions in Iowa. Veridian CU and Iowa Community CU, both of Waterloo, Iowa were hit with a check scam that cost the credit unions and several other financial institutions a total of $125,000, according to local media reports (Waterloo Cedar Falls Courier July 22). Police arrested 10 individuals Monday and another group Tuesday and charged them in the scam. According to authorities, the individuals opened accounts at several institutions to get starter checks and debit cards. Then, they swapped checks and made false deposits, inflating the value of the accounts. They also are accused of using debit cards and checks to get cash and purchase items. The money was laundered through U.S. Postal money orders. Veridian CU has $1.6 billion in assets. Iowa Community CU has $74 million in assets.


RSS print
News Now LiveWire
Static PPI may stall @federalreserve policy movement #Market #NewsNow http://t.co/TylvvD6HEn
19 minutes ago
Former NFL player Merrill Hoge and CNN hero Chad Pregracke will headline @icul 's Iowa #CreditUnion Convention this week.
20 minutes ago
.@MIBizNetwork interviews @MICreditUnions's Adams on state of #creditunions http://t.co/T6ENMSDR09
46 minutes ago
.@OhioCreditUnion #creditunions lend their voices to #SavingEliza with #Sing2Lines http://t.co/e9B2rfzCm5
1 hours ago
12,000 cards: That's how many @OneNevada has reissued after #HomeDepotBreach via @reviewjournal http://t.co/8nKE1ZByvM
1 hours ago