The NCUA's settlement with former Western Corporate FCU Chief Investment Officer Robert Burrell has been finalized, according to court documents signed Wednesday in U.S. District Court in Los Angeles.
The regulator, acting as WesCorp's liquidating agent, and Burrell have dismissed all claims and counter claims with prejudice, and have agreed both parties will pay their own legal costs.
Additionally, the NCUA issued a cease and desist order to Burrell as part of the settlement. The order, which Burrell consented to without admitting fault, prohibits him from participating in the affairs of a federally insured corporate credit union, which includes consulting, advising or selling investment securities.
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