NCUA bans seven former credit union staffers

The NCUA Monday banned a former CEO with a criminal past for theft, a former employee who served only one hour in custody for a $400,000 embezzlement, and a former staffer convicted of aggravated theft who withdrew more than $150,000 from member accounts.

These individuals and four others are prohibited from participating in the affairs of any federally insured financial institution.

Cynthia D. Gilmore, former president/CEO of the conserved $3.6 million Beverly Bus Garage Federal Credit Union in Chicago, was convicted of theft charges, issuing worthless checks and forgery in Wisconsin back in 2002. She was sentenced to 30 months in state prison and more than 12 years of supervised released, according to court documents. She had been serving as CEO of the credit union since at least 2012, NCUA profile documents show. The federal agency conserved Beverly Bus Garage FCU in March. At the end of this year’s first quarter, the credit union posted a net income loss of $721,677, according to NCUA financial performance reports. In addition to her CEO position, Gilmore was the board’s secretary and a member of the credit committee.


continue reading »