RYE, N.Y. – The head of USAlliance FCU’s brokerage CUSO was charged last week with embezzling $2.5 million from member accounts.
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John Walsh, the chief operating officer for Affina Brokerage Service, which operated out of the credit union offices, allegedly transferred stock from the brokerage into his own accounts and sold the shares for his own benefit.
Walsh is also charged with creating fictitious stock positions he used as collateral for loans between June 17, 1999, and Jan. 1, 2008.
Walsh was charged last week with first-degree grand larceny.
