WICHITA, Kan. - (11/15/04) A former independent contractor workingfor Boeing Wichita CU who is serving time for bank fraud and othercharges lost his appeal and will continue serving out the rest ofhis 57-month sentence. Richard Scott Wood was charged with takingapproximately $3.6 million from credit union membersaccounts without their permission and transferring it into accountshe controlled to cover a string of bad personal investments. In hisappeal, Wood challenged his conviction on the grounds that evidenceat trial did not prove he used false pretenses to obtain the fundsfrom CU members accounts, but the 10th Circuit Court upheldthe conviction.
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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