CUSO Exec Charged in Theft

RYE, N.Y. — Police have charged John P. Walsh, the former chief operating officer of Affina Brokerage Services LLC, a subsidiary of USAlliance Federal Credit Union, with allegedly stealing $2.5 million from the CUSO. Joann Kay, assistant vice president of marketing at the $664 million USAlliance FCU, confirmed the details in several, recent local reports that said Walsh unlawfully transferred stock from Affina Brokerage into accounts under his management and sold the shares for his personal use. Kay also said that Walsh came up with fake stock positions that were used as collateral for loans between June 17, 1999 and Jan. 1, 2008. “For legal reasons, I can not discuss specifics of the case,” Kay said adding USAlliance FCU President/CEO Michael Ambrose was out the week of Jan. 12. “It’s in the hands of the legal system. Our attorneys are taking care of this.” The Westchester County District Attorney’s Office is prosecuting the case. –[email protected]