WHITE PLAINS, N.Y.-The head of USAlliance FCU's brokerage CUSO pleaded guilty to stealing more than $2.5 million from member accounts over a nine-year period.
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John Walsh, CEO of Affina Brokerage Services, told prosecutors he illegally transferred shares of stock from the credit union, which owns the brokerage firm, into accounts he controlled and then sold the shares for cash. He also created phony stocks and used them as collateral for loans. The 54-year-old executive pleaded guilty to first-degree grand larceny and agreed to go to begin his three- to nine-year prison sentence immediately.
