ALEXANDRIA, Va.-NCUA has issued an order against Timothy Sidley, the former chief risk officer for WesCorp. It is the first civil enforcement action brought by NCUA against any executive in the failure of the five corporate credit unions.
The order, barring Sidley from working for any federally insured CU or bank, comes after Sidley agreed to settle civil negligence claims brought against him and four other senior figures for the failure of the one-time $32-billion corporate.
Other executives named in the NCUA suit are CEO Bob Siravo, CFO Todd Lane, CIO Robert Burrell, and HR Director Thomas Swedberg.
The prohibition order was one of the terms of a confidential settlement agreement between Sidley and NCUA to settle claims and counterclaims in that portion of the lawsuit against him, NCUA said.
NCUA had charged that Sidley loaded up the corporate with too much risky mortgage-backed securities that led to the collapse of WesCorp amd causing a projected $7 billion in losses.
