HOUSTON, Texas -- The former CEO of Deer Park FCU was sentenced to six years in state jail for stealing almost $220,000 from the credit union. Dawne Wilson, 43, was manager and sole employee of the one-time $9 million credit union located inside City Hall from 2004 to 2011 and handled the daily operations without any direct supervision. She began stealing from the credit union in January 2007 and the theft went undetected until 2011 when an outside audit uncovered evidence of fraudulent loan activity. Wilson stole the money using a variety of methods including funding fake loans using member’s names or fictitious names and depositing the proceeds to her personal account.
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Altruist has earned legions of fans among financial advisors for sleek technology and low, clear fees. But its critics question whether that is enough to catch up to the giants that have dominated the business for decades.
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The Treasury's Financial Crimes Enforcement Network's decision to permanently exempt U.S. businesses from disclosing their true owners eliminates a database banks hoped would help them satisfy their customer due diligence.
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As clients ask advisors for help navigating caregiving resources, advisors who are able to provide trusted referrals may find clients return the favor with referrals of their own.
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Amid threats from immigration policy and emerging fintechs, International Money Express, a global remittance company and $500 million acquisition target for Western Union, reported a 18% year-over-year decline in revenue in the second quarter with analysts questioning whether the purchase holds the same value as it did a year ago when the deal was first announced.
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The company, which says it serves 93% of credit unions, expects most key processes to run by mid-August. Its status page still said "Investigating" Wednesday.
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Long Island-based Dime Commercial Bancshares, which continues to transform itself from a thrift into a commercial bank, is eyeing additional expansion in the Garden State.
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