Texas grand jury indicts former VP of lending
Prosecutors allege credit union executive and five others ran a $2.2 million auto fraud loan scheme.
More than five years after a Texas credit union was involuntarily liquidated, federal prosecutors are alleging that the former vice president of lending and five other persons ran a $2.2 million auto fraud loan scheme.
A federal grand jury in McAllen, Texas returned a superseding indictment on Oct. 22 charging Soundra Lopez, 52, of Weslaco, with conspiracy to commit bank fraud. She was the vice president of lending and branch manager for the $47 million County & Municipal Employees Credit Union in Edinburg, which was involuntarily liquidated by the Texas Department of Credit Unions in October 2014.
NCUA financial performance reports show that the credit union posted a net income loss of more than $3.3 million at the end of 2014’s third quarter. CMECU was assumed by the $3.1 billion Navy Army Community Credit Union in Corpus Christi.
continue reading »
