ALEXANDRIA, Va. – NCUA followed up yesterday’s legal settlement with former WesCorp executive Robert Burrell with a cease and desist order barring the former chief investment officer at WesCorp from working for any corporate credit union; consulting or advising a corporate on investments; or selling any investments to a corporate.
Burrell was one of five senior WesCorp officers targeted by NCUA in a civil suit claim their negligence caused the 2009 collapse of the one-time $34 billion corporate.
Burrell’s order is different than the one issued by NCUA to Timothy Sidley, the former chief risk officer at WesCorp, who was barred from working for any credit union under a settlement he struck with NCUA.
NCUA’s civil charges are still pending against Bob Siravo, former CEO of WesCorp, and Todd Lane, its former CFO.
A fifth executive, Thomas Swedberg, who was WesCorp's director human resources, has also settled NCUA's charges.
The order, which Burrell consented to without admitting fault, requires Burrell to desist from the following actions:
- Becoming an employee of, holding any office in, or otherwise participating in any manner in the conduct of the affairs of any federally insured corporate credit union;
- Consulting or advising any federally insured corporate credit union on any matters involving or relating to investment securities, investment policy, or investment strategy; or
- Selling any investment securities to any federally insured corporate credit union.
