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Washington
NCUA issues prohibition order to former CU CEO
ALEXANDRIA, Va. (6/3/11)—The National Credit Union Administration (NCUA) on Thursday prohibited Stan Roberson, a former employee of Denver, Colo.-based Her Majesty’s CU, from future work at any federally insured financial institution. Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million. Roberson, the former CEO of the credit union, was convicted of contempt of court and sentenced to 180 days in jail. Late last year, Roberson was sentenced to one year in jail for contempt of court and failing to produce documents for a securities investigation by the Colorado Division of Financial Services. Regulators have investigated the credit union in an attempt to determine whether it is legitimate or a fraud. The investigation was spawned by the credit union’s offering of certificates of deposit to consumers over the internet at interest rates above prevailing rates. Roberson also made several inconsistent statements during a discussion with the Credit Union Association of Colorado last year. The then-CEO claimed to be in charge of the only Virgin Islands-based credit union, and claimed that his credit union was a member of both the Credit Union Association of New York and the Credit Union National Association. The statements were false. The credit union is still in operation, is chartered in the U.S. Virgin Islands, and maintains a back office operation in Denver, Colo. However, the credit union is not chartered by the Colorado Division of Financial Services nor the NCUA. For the full release, use the resource link.
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