WESTBROOK, Maine — Infinity FCU is suing Kenneth Williams, saying the shop's former chief executive officer was terminated for using the credit union's funds for personal expenses, according to published reports.
Williams worked for Infinity for more than 30 years, taking over as CEO in 1990 and leading it until he left the $268 million-asset institution in September.
According to a report in the Portland Press Herald, Williams was fired after an audit concluded he was not submitting receipts for purchases of more than $100 in accordance with the credit union's policy.
According to the lawsuit filed Nov. 8 in Cumberland County Superior Court, Williams made 1,200 purchases totaling $66,000 on his company credit card over a two-year period, but failed to provide receipts for all but 18 expenses.
Williams is accused of conversion of funds, unjust enrichment, breach of fiduciary duty and fraud. Infinity is seeking to recover misappropriated funds and other unspecified damages.
Melissa Hewey, an attorney with Portland, Maine-based Drummond Woodsum, the law firm representing the credit union, stated in the Portland Press Herald: "There's zero doubt in my mind that some of these expenses were personal expenses."
The exact amount or each detailed personal expense that Williams is alleged to have charged to the credit union are not outlined in the lawsuit, which does allege Williams spent $11,000 at BJ's Wholesale Club.
The lawsuit also alleges that Williams rented two storage units, at a monthly cost of $184 each, and one was for his personal use. It claims Williams used a company car for personal use and did not keep a travel log. Williams also allegedly racked up $2,992 in tolls on the Maine Turnpike.
An attorney representing Williams, however, said the lawsuit is retaliation for a complaint that Williams filed against the credit union with the Maine Human Rights Commission before he was fired, the Press Herald reports.
"Mr. Williams will deny all the claims and aggressively counter the action that's been taken," said Timothy O'Brien, Williams' attorney.
Sandra Cloutier, Infinity's VP of operations, has been named acting president.
