Indictments Pending In D. Edward Wells FCU Case

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Indictments are expected soon against former officials of D. Edward Wells FCU here, which is currently being operated by NCUA, which has placed it in conservatorship.

The Springfield Republican reported that grand jury indictments are "imminent" in the civil suit case filed by NCUA, which has charged that insiders at the credit union, including its well-known former CEO, Carol Aranjo, had made improper loans and allowed some share balances to go negative, leading to a $2.9-million loss for the National Credit Union Share Insurance Fund. NCUA took the credit union over in February of 2003, and the United States Attorney's Office and a grand jury have been investigating the failure for the past two years.'

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