The NCUA on Monday issued a banishment order against Timothy Sidley, onetime chief risk officer with WesCorp.

Sidley had been a party in the litigation NCUA has been pursuing against former WesCorp executives but late last week it was announced that he and NCUA had reached a settlement that will remove him from the case.

Terms of the settlement have not been revealed. Sidley's attorney, Seth Freilich, had not returned a phone call, or responded to an email, seeking elaboration.

The formal NCUA prohibition order – which prohibits Sidley from “participating in any manner in the conduct of affairs of any federally insured credit union” – was consented to by Sidley, apparently as part of his settlement agreement with the regulator.

Sources also indicated that, as part of that agreement, Sidley has agreed to testify against his co-defendants – former WesCorp executives including Robert Siravo, Todd Lane, Robert Burrell and Thomas Swedberg. Confirmation of this has not been issued, either by Sidley's attorney or the NCUA.

There are additional reports that at least one other defendant has reached a settlement agreement with NCUA but that individual's identity has yet to be released.

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
NOT FOR REPRINT

© 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.

Regulatory & Compliance