DENVER — In the first in-person interview he has granted to the credit union press since the bankruptcy of Centrix Financial, Robert Sutton called the taking down of the Centrix Portfolio Management Program, the subsequent fallout for credit unions and bankruptcy of Centrix Financial, a tragedy that didn't have to happen.
The company he led went from a high of $4 billion in subprime auto loan originations funded through credit unions to bankruptcy court, a fall he claims was mostly assisted by the NCUA's issuance of a Risk Alert in June 2005 that halted the business.
In this no-holds-barred interview Sutton blasts the NCUA and critics who have said the Centrix PMP was a scam or a Ponzi scheme, saying, "It's simply crazy for anyone to say that it was a Ponzi scheme. How on earth did they come up with that?"
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See the August 29 issue of Credit Union Times for full coverage.
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