The recent indictment of a real estate developer that allegedly obtained loans under false circumstances has brought Denali Alaskan Federal Credit Union some relief.
Lee Baker Jr. has been charged with 14 counts including fraud and money laundering for allegedly making false statement to secure loans from the $444 million credit union in Anchorage. He is facing a maximum penalty of 30 years in prison and a $1 million fine.
Denali Alaskan had a separate civil legal action involving Baker and his company, Discovery Construction, which was settled previously, according to Bob Teachworth, president/CEO of the credit union.
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