FORT WAYNE, Ind. - (02/07/05) -- A former employee at Peoples andEmployees FCU pleaded guilty Friday to using false information toobtain credit and loans worth as much as $600,000 from the creditunion. Carnelle Rutledge, 31, pleaded guilty to seven counts ofaiding and abetting in bank fraud and faces up to 30 years inprison when sentenced May 2. Rutledge admitted to using a falsename, Social Security number and address to obtain loans whileworking at the credit union between Feb. 2003 and June 2004. Almostall of the loan exceed $100,000.
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Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
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The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.
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Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
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Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.
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A federal judge in New York has rejected Huawei's effort to toss charges alleging bank fraud, sanctions violations and trade secrets theft.
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