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CU System
Former D. Edward Wells CEO convicted
SPRINGFIELD, Mass. (3/14/08)--The former CEO of the defunct D. Edward Wells CU was convicted Thursday of multiple counts of embezzlement and other charges related to the embezzlement of $1.5 million from the credit union (Boston Herald March 13). Carol Aranjo, a nationally known advocate of community development credit unions, was convicted of multiple counts of embezzlement, filing false tax returns, bank fraud, filing false entries with a federal financial institution and obstruction of a federal examiner. Her husband, Alphonso Smith, was convicted of aiding and abetting, but was acquitted of some charges, said the news report. The thefts occurred between 1997 and 2003. D. Edward Wells, a community development credit union based in Springfield, Mass., was liquidated in 2003 by the National Credit Union Administration. The jury deliberated for four days after a five-week trial. Sentencing was set for June 19. Aranjo faces up to 14 years in prison (News Now Feb. 19).


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