MILFORD, Conn. -
GEEFCU has more than 22,000 members and $54 million in loans, nearly half of which are for real estate, according to the NCUA. The CU's FOM includes employees at GE's Fairfield headquarters, the Stamford office of GE Capital, residents of Bridgeport, local employees of the U.S. Surgical subsidiary of Tyco International, workers at Fairfield tea vendor R.C. Bigelow Inc. and staff and students at Sacred Heart University.
According to The Fairfield County Business Journal, GEEFCU contracted with Legg and two companies she runs to sell some mortgage loans it held in the secondary market. Such transactions are designed to reimburse the lender for the principal and any accrued interest, while entitling the secondary market purchaser to remaining interest payments. Instead, GEEFCU alleges that Legg stole three mortgages totaling $400,000, and used the money for the benefit of herself and her companies LoriMac Inc. and Tiserv Inc.
Tiserv Inc is a subsidiary of TIS Mortgage Investment Co., where Legg earns a base salary of $95,000 and has $150,000 in remaining exercisable vested options. Legg is listed as CEO of TIS, a real estate investment trust headquartered in San Francisco but registered in Maryland. The company's common stock is traded under the symbol TISM in the Over-the-Counter Market. The company filed an application for voluntary delisting with the SEC in March 2005. Legg is also a trustee of the Pacific Legal Foundation, an organization claiming to fight "overregulation by big government, overindulgence by the courts, and excessive interference in the American way of life."
Neither GEEFCU nor TIS responded to several telephone calls for comment.
