CU Exec Banned for $1.5M Fraud

DETROIT - A former loan officer for Wyandotte CU, who was convicted of stealing $1.5 million for opening 413 phony loans he profited from, was barred from the credit union industry, NCUA said.

Karl Hedke pleaded guilty to bank fraud and was sentenced to 64 months in prison and ordered to pay $1.5 million in restitution.

Also barred by NCUA were: Renee Brizza-Davis, a former teller at Connects FCU, for stealing $46,400 from the Richmond, Va., credit union; Stephen Deaton, former employee at River Valley CU, for stealing $128,000 from the Middletown, Ohio, credit union; Stephen Edraney, former manager at No. 11713 Bethlehem Municipal Employees FCU; Reatha Johnson, former manager of North Gulfport Community FCU, for stealing $78,500 from the Gulfport, Miss., credit union, and Mathew Pickup, former treasurer of Hopes Employees FCU, for theft form the Jamestown, N.Y., credit union. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com