Suspects To Reimburse Investors For BogusCU CDs

November 25, 2004, 1:00 a.m. EST 1 Min Read

WINCHESTER, Ky. - (11/25/04) -- Two men who raised more than$400,000 selling phony certificates allegedly deposited with WorldBank Staff FCU agreed to repay the investors the funds, about$440,000. Robert Holcombe of Michigan, and Dover Holland of Alabamacollected the funds from almost two dozen investors by telling themthe CDs were backed by the Washington, D.C., credit union, thoughthe money was actually deposited in a bank account under one of themen's names. But authorities said the two men had no connection tothe credit union and credit union officials know nothing about thesales.

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