TALLAHASSEE, Fla. – Chris Leggett, president of LGE Community CU in Marietta, Ga., has signed a consent agreement with Florida's regulator barring him from working for any Florida-based financial institution for the next five years.
The action pertains to Leggett's previous position as CEO of First Coast Community CU in Palatka, Fla., and a real estate transaction that took place. It will not affect Leggett’s position at the Georgia credit union.
Leggett told Credit Union Journal he agreed to the consent agreement because of the legal costs involved in mounting a defense, and he emphasized that the agreement is not an admission of guilt.
Leggett, who was CEO at First Coast from 2003 until Oct. 1, 2007, was alleged to have improperly and illegally engaged in an insider real estate transaction at the credit union that ultimately resulted in a financial loss to the credit union. By entering into a stipulation and consent agreement, Leggett does not officially confirm or deny the allegations.
Under the agreement, Leggett has been compelled to resign his position on the board of Tallahassee, Fla.-based Credit Union 24.
