BIRMINGHAM, Ala. – NCUA this afternoon banned the former CEO of Alabama Central CU from the credit union industry for stealing $140,000 through a fictitious billing scheme.
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Michael Young, 43, was sentenced last September to 17 months in prison after pleading guilty to bank fraud for having the credit union pay funds to two phony vendors he had created. Neither business had provided any services or goods to the credit union. Young authorized payment by the credit union of those bills and invoices. The money paid by the credit union to the accounts of the fictitious companies was controlled and ultimately spent by Young.
Under NCUA banning orders an individual is prohibited from ever working for a federally insured credit union or bank.
