ALEXANDRIA, Va. (5/21.12)--The National Credit Union Administration (NCUA) announced that cease-and-desist orders have been filed against Francis Lee and Joseph Herbst, both formerly affiliated with U.S. Central FCU (U.S. Central) , located in Lenexa, Kan.
The orders were one of the terms of settlements between Lee and the NCUA and Herbst and the NCUA to settle potential claims against the men stemming from the conservatorship and eventual liquidation of U.S. Central.
Both Lee and Herbst consented to the order without admitting fault. The orders require Lee and Herbst to desist from the following actions:
- Becoming an employee of, holding any office in, or otherwise participating in any manner in the conduct of the affairs of any federally insured corporate credit union;
- Consulting or advising any federally insured corporate credit union on any matters involving or relating to investment securities, investment policy, or investment strategy; or
- Selling any investment securities to any federally insured corporate credit union.
NCUA enforcement orders are online at http://go.usa.gov/yiJ
and can be inspected atthe NCUA's Office of General Counsel between 9 a.m. and 4 p.m. Monday through Friday.