A Yuma, Ariz., businessman who figured in a fraudulent kickback scheme contributing to last December's collapse and NCUA conservatorship of AEA Federal Credit Union has pleaded guilty to government charges and will be sentenced Oct. 3, according to the U.S. Attorney's office.
Appearing in a Phoenix court, Frank Ruiz admitted to paying more than $1 million in kickbacks to an AEA vice president of business lending, also charged in the case, to obtain $22 million in loans to finance a Yuma kids park and nightclub, both of which went bankrupt.
In the plea deal, Ruiz has agreed to testify against William Liddle, the AEA vice president, and his wife, Rhonda, both of whom face criminal charges in a trial set for next January.
The charges filed by the FBI allege the Liddle and his wife approved more than $25 million in business loans and engaged in the kickback scheme. The couple was arrested Dec. 2. Liddle had been employed at AEA from November 2004 to December 2009.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
