Credit Union Agency Bars 5 People for Life
WASHINGTON - The National Credit Union Administration this week barred five people for life from working in the industry.
* Charles W. Bradford, an executive of Little Rock, Ark.-based Capitol Credit Union, who embezzled $435,714 from 1989 to 1991 and misrepresented to Capitol's board the amount of quarterly dividends for 20 years.
As a result, the institution lost nearly $3 million, according to NCUA documents.
Mr. Bradford pleaded guilty in June to the violations.
* Blair F. Hadley an affiliated party of Deseret Federal Credit Union of Las Vegas, for making false statements to a federally insured institution and for filing false income tax statements while employed with a Utah savings and loan.
In July, Mr. Hadley received a 12-month prison sentence and was ordered to pay $111,000 in restitution.
* Karen L.F. Silvia, an employee of First Citizens Federal Credit Union of New Bedford, Mass., who allegedly embezzled $180,000 from the institution from 1986 to 1989.
* John R. Doolittle, an officer and director of Bay Gulf Federal Credit Union of Tampa, who allegedly engaged in "unsafe and unsound practices" and "breach of difuciary" duty.
The credit union was placed in conservatorship in November 1990 and lost about $1 million.
An administrative law judge ruled that Mr. Doolittle should be fined $42,857. Mr. Doolittle disputed the charges, according to NCUA documents.
* Henry A. Ayotte, an auditor for Boca Raton-based Palmetto Federal Credit Union, was also banned for life, but details were not released.