Longtime Exec Gets Nod As CEO For Troubled Sperry Associates FCU
GARDEN CITY PARK, N.Y. – Sperry Associates FCU, battling from ill-fated loan participations as well as the massive mortgage fraud at CU National Mortgage, named Jim Duffet, a 16-year veteran of the one-time $370 million credit union, as its president and CEO.
Duffet went to work for the Long Island credit union as branch operations manager, then worked his way up to vice president. He has been serving as interim CEO since last September.
The credit union was cited by NCUA for unsafe practices last year because of accounting for troubled loan participations it bought from failed Cal State 9 CU, then filed suit over bad loans it bought from another big failure, Eastern Financial Florida CU. Those loans helped create losses of $5.8 million for 2009 and $2 million for 2010.
Sperry Associates FCU also is battling Fannie Mae over millions of dollars of its mortgages that were fraudulently sold to Fannie by U.S. Mortgage/CU National Mortgage as part of that company’s $140 million fraud.