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CU System
CU System briefs (03/25/2010)
* BRATTLEBORO, Vt. (3/26/10)--Gary Ellis, former president/CEO of River Valley CU, was sentenced Wednesday to six months in prison after pleading guilty to embezzlement from the Brattleboro, Vt.-based credit union. Chief U.S. District Judge William K. Sessions III also ordered Ellis, 57, of Newmarket, N.H., to serve five years of supervised release after the prison term, including an additional four months of home confinement, and ordered him to pay restitution of $120,000 to $200,000. A hearing later will determine the exact amount. Ellis was CEO until spring 2005. His Dec. 3, 2008, indictment said he took extra salary, bonuses and other payments from about January 2001 through early 2005, said the U.S. Attorney’s Office for the District of Vermont (Targeted News Service March 24) ... * TRENTON, N.J. (3/26/10)—New Jersey’s Senate has confirmed Tom Considine, a former Metlife vice president and government relations counsel, to head the state’s Department of Banking and Insurance. He has served as acting commissioner since late January, said the New Jersey Credit Union League (The Daily Exchange March 25). Also, Gov. Chris Christie this week nominated Garret Komjathy, a corporate finance professional most recently from the media sector, as director of the Division of Banking. His experience includes capital markets, cash management and treasury products at GE Commercial Finance, Fleet Bank and HSBC, said the league ...


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