Saying that the credit union is "insolvent and has no prospects for restoring viable operations," the NCUA on Monday liquidated Vensure FCU, the small Arizona credit union tied to a major Internet gambling case.
The 140-member Mesa, Ariz., institution was conserved in April, setting off a court battle against the NCUA and raising questions about the agency's supervision of it.
The NCUA took over the formerly New York-based credit union on April 15 after its largest member account was frozen as part of a federal investigation into the processing of transactions tied to Internet poker websites.
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