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
CU serving churches among Ponzi scheme victims
SOUTHFIELD, Mich. (10/12/10)--A Southfield, Mich.-based investment adviser has been indicted on felony bank fraud and wire fraud charges related to an elaborate Ponzi scheme that stole $10 million from investors that included a local union, state municipalities, a school district, and a credit union serving churches. According to federal prosecutors, Dante DeMiro, 43, founder and managing director of MuniVest Financial Group and MuniVest Services LLC, allegedly promised clients he would buy millions of dollars in certificates of deposit but instead alleged used the funds to make loans to a jewelry store and repay earlier investors (The Detroit News and mlive.com Oct. 8). Ponzi schemes are a fraudulent practice in which funds paid by later investors are used to pay off earlier investors. The indictment said the scheme had run since at least March 2009. The credit union was not named in the report. Other victims included taxpayers of Lapeer County, Mich., Mona Shores Public Schools in Muskegon, schools in Comstock Township near Kalamazoo, and Boiler Makers Local 169 in Allen Park, Mich. (The Detroit News Oct. 8). If convicted, DeMiro faces up to 30 years in prison and a $1 million fine if convicted of bank fraud, plus 20 years and $250,000 if convicted of wire fraud.
Other Resources

RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
1 day ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
1 day ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
1 day ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
1 day ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
1 day ago