Manager Guilty in Loan Scheme

January 17, 2007, 8:20 p.m. EST 1 Min Read

ALLEGANY, Md. – The former assistant manager at City, County State of Allegany County FCU pleaded guilty yesterday to a loan scheme that cost the credit union about $500,000 in losses. Richard Shives, 49, of Cumberland, gave special treatment to 12 members, including refinancing of under collateralized loans, or loans to delinquent members or who had inadequate credit history, prosecutors said. Shives falsified reports to NCUA to hide the scheme.

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