Addison was hired in 2003 and left TCU in January 2009. The complaint also alleged that Addison:

• Pursued acquisitions and investments that “exposed TCU to an extraordinary level of risk,” ultimately costing the credit union debilitating losses.
• Knew his actions could significantly injure the credit union and violated certain credit union laws. He nonetheless pursued the purchase of OBS,
• Ignored counsel that the OBS acquisition was extremely risky and was impermissible under Texas law.
• Concealed and misrepresented material information about his business dealings to TCU's board of directors in order to push through his agenda.

“Mr. Addison's actions were very costly to the credit union, and financial institution regulators have a responsibility to hold accountable those parties—institutions or individuals—when they undermine safety and soundness,” NCUA Board Chairman Debbie Matz said.

TCU's situation has improved operating efficiencies and risk management since the NCUA seizure and it earned more than $21 million this year as of Nov. 30, the NCUA said. TCU now has almost 130,000 members and approximately $1.4 billion in assets, the agency said.

“NCUA is required by statute to take every action we can to recover TCU's losses, including legal action,” Matz said. “Any recoveries in this case will go directly to TCU, assisting in NCUA's rehabilitation efforts at TCU.”