JACKSON, N.J. – One month after being placed into conservatorship by NCUA, tiny Helping Other People Excel Federal Credit Union, which had been embroiled in a Bitcoin money laundering scheme, was liquidated by the regulator.
It is the seventh federally insured credit union liquidation in 2015.
The CU had just 110 members and assets of $626,529, according to its most recent Call Report. The liquidation follows the CU being involved in an alleged Bitcoin money laundering scheme. One of its board members, Anthony Murgio, allegedly used his position at the CU
NCUA placed Helping Other People Excel FCU into conservatorship on Oct. 16. On Friday the agency said it made the decision to liquidate the credit union and discontinue operations after determining it was "insolvent and had no prospect for restoring viable operations."
NCUA said its Asset Management and Assistance Center will issue correspondence to individuals holding verified share accounts in the credit union "in the near future."
Pinnacle FCU of Edison, N.J., operated Helping Other People Excel FCU during the conservatorship under a management agreement with NCUA. While announcing the conservatorship last month, NCUA said it would "work to resolve issues affecting the credit union's safety and soundness."
Chartered in 1978, Helping Other People Excel Federal Credit Union serves a community field of membership comprised of persons who live, work, worship, or attend school in, and businesses and other legal entities in Lakewood, New Jersey.
