William Liddle and his wife, Rhonda, have agreed to pay more than $25.3 million for participating in a business loan kickback scheme involving AEA Federal Credit Union.
According to the restitution stipulation filed in the U.S. District Court for the District of Arizona in Phoenix, the amount is the projected loss to the Yuma, Ariz.-based AEA.
Frank Ruiz, a co-defendant involved the scheme, will pay $6.3 million.
William Liddle, the credit union's former business lending vice president found guilty of 54 counts of fraud that led to the near collapse of AEA, was recently sentenced to prison for 15 years. Rhonda Liddle was sentenced to 12 months of home incarceration and five years of supervised release and Ruiz received a two-year sentence.
CUMIS will receive the first $5 million in restitution payments, according to the restitution agreement. The insurance provider paid AEA's bond claim. The credit union is set to receive restitution for the amount in excess of the $5 million.
The NCUA placed AEA in conservatorship in December 2010. The regulator recently reported that the credit union's financials improved during the first quarter.
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