Guardian Angel CU Files Suit Against MetaBank

BERLIN, N.H. - Guardian Angel Credit Union here has filed suit against MetaBank claiming a $99,000 CD it purchased from the bank in 2005 was phony. The action follows similar suits by two Texas banks alleging the same thing. In its filing, GACU alleges that a former employee of MetaBank, identified as Charlene M. Pickhinke, sold fraudulent CDs to investors by actually depositing the funds in her own account. An earlier SEC filing by MetaBank said as much as $4.2-million may be outstanding as the result of Pickhinke’s alleged actions. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com