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CU System briefs (11/15/2012)
  • CEDAR HILLS, Utah (11/16/12)--A former mayor of Cedar Hills, Utah, has been sentenced to one year and a day in prison after pleading guilty for his role in a loan fraud ring.  Eric Richardson also was ordered by U.S. District Judge David Nuffer to repay no more than the $10,000 received for allegedly lending his name for a falsified loan application. Richardson resigned as mayor on June 25, two days before he was charged with defrauding the Heritage West CU of $330,000. He allegedly signed a blank vehicle application in 2010 for more than $57,0000 to buy a Land Rover, while his partners falsely claimed he earned $15,000 a month more than he did. The sales price was less than the loan. Convicted ringleader Christopher D. Hales is serving a prison term related to the frauds (Salt Lake Tribune Nov. 13) …
  • DUBUQUE, Iowa (11/16/12)--DuTrac Community CU, based in Dubuque, Iowa, recently paid out nearly $2 million in Christmas Club deposits to 1,800 thrifty members participating in its club savings account. "With DuTrac's Christmas Club saving account, participating members are able to fill their holiday stockings without emptying their wallets," said Andy Hawkinson, president/CEO. "In addition, club members' savings benefit local area retailers by providing shopping dollars for the holidays." The Christmas Club helps members alleviate some of the holiday shopping stress by knowing they are saving throughout the year, said the $550 million asset credit union  …


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