HAMMONTOWN, N.J – "This is the first one I've seen in 24 years," said CUNA Mutual Vice President/ Associate General Counsel, Litigation Bob Konop referring to the Tri-State Armored Services losses. "There might have been other minor losses but not this large." So far, 56 credit unions and 72 banks have filed claims exceeding $50 million with the U.S. Bankruptcy Court. The three owners of the armored car company allegedly stole money meant to replenish the ATMs owned by the institutions in order to keep the company afloat and for personal gain. While this had been going on for years, the owners were caught when Wilmington, Delaware-based WSFS Financial Corp. reported a theft of up to $600,000 destined for its CashConnect ATMs in March. When notified that the wired funds weren't delivered, WSFS began a frantic investigation, which led to the sub-contracted armored service company. Tri-State Armored Services has since filed bankruptcy, and now the court must settle skirmishes about how the $19 million remaining should be divided. The bonding company, Great American Insurance, claims it is not responsible for the losses to institutions because its surety bond covered theft by the armored company's employees -not owners. One owner Daniel Fueker, has pleaded guilty to money laundering charges, the second, William Mottin is awaiting a trial on fraud and money laundering charges, and an investigation is still pending against the third suspect. Bankruptcy Court filings list the CUMIS claim as over $5 million. According to Konop, all credit unions that filed proofs of claims have been reimbursed by CUMIS. [email protected]