NCUA Suit Charges Former CDCUFigure
SPRINGFIELD, Mass. - (02/14/06) -- NCUA said Tuesday it has filed acivil lawsuit against Carol Aranjo, the former president of defunctD. Edward Wells FCU, one of half dozen well-known CDCUs that havefailed over the past two years. The suit, filed in federal court,charges Aranjo, former chairman of the National Federation of CDCUsand a prominent figure in the community development credit unionmovement, with fraud and breach of fiduciary duty in the 2003failure of the $5 million credit union, which cost the NCUSIF $2.9million. Also named in the suit is Michael Akers, former chairmanof the credit union's supervisory committee, and several others. D.Edward Wells FCU was taken over by NCUA, then merged into WesternMassachusetts Telephone Workers CU on May 20, 2003.