Two major credit union cases involving business loan fraud made news over the past week.
A jury is currently hearing testimony in the case involving William Liddle, former lending officer at AEA Federal Credit Union, who was allegedly involved in a loan kickback scheme.
Additionally, the latest NCUA Call Report data show that AEA received a $20 million subordinated debt note. The liability, shares and equity page of the report dated Jan. 27 showed the note was deposited in December 2011. Subtracting the note from AEA's balance sheet appears to push its net worth to negative 6.6%.
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