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

CU System
Broker for liquidated CU accused of fraud
NEW LONDON, Conn. (12/8/09)--A late New London, Conn., stockbroker linked to the disappearance of $12 million from a defunct Connecticut credit union has been accused of fraud, according to documents filed with a securities firm regulator. Edwin F. Rachleff, a former employee of A.G. Edwards, is accused of misappropriating $7.5 million from one of his clients, according to online records from the Financial Industry Regulatory Authority (FINRA). FINRA is an independent regulator for securities firms in the U.S. Rachleff, who committed suicide in August 2008, handled investments for New London Security FCU, New London, Conn. The credit union was liquidated in July 2008 by the National Credit Union Administration (NCUA). Authorities did not tie Rachleff’s death to the credit union’s failure. Rachleff’s estate was sued by NCUA in March for $11.8 million in losses. The suit alleged that Rachleff created fraudulent account statements (News Now Aug. 4, 2008 and March 12).


RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
12 24 ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
12 23 ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
12 23 ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
12 23 ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
12 23 ago