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CU System
Brokerage CUSO COO charged in 2.5 million embezzlement
RYE, N.Y. (1/13/09)--The former chief operating officer of Affina Brokerage Services has been charged with first-degree larceny. Affina Brokerage Services is a subsidiary of Rye, N.Y.-based USAlliance FCU. John Walsh, 53, is accused of embezzling $2.5 million from Affina. Police say he transferred stock from Affina into his own accounts and sold it for profit. He also used fake stock positions as loan collateral (LoHud.com Jan. 8). Walsh surrendered to police Jan. 7. He will go to court Jan. 27. USAlliance FCU has $680 million in assets.


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