NEW LONDON, Conn. — As members of liquidated New London Security Federal Credit Union start to receive their insured share checks in the mail, it appears that there is no connection between the shutdown and the death of an investment broker with ties to the financial institution.
Edwin F. Rachleff, 82, an A.G. Edwards broker who handled investments for members of the credit union, committed suicide by jumping from an apartment building on July 28, the same day NCUA liquidated the $12 million credit union.
NCUA made the decision to liquidate New London and discontinue its independent operations after determining that the credit union was insolvent, the regulator reported. Chartered in 1936, New London had 365 members and reported assets of $12.7 million.
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