The NCUA has issued four new prohibition orders that ban four individuals from participating in the affairs of any federally insured financial institution.
Three of the four credit unions failed and were merged into other institutions, the NCUA said in its Friday announcement.
Holly Cowan was a former employee of the shuttered Lawrence County School Employees FCU, which was located in New Castle, Penn. She pled guilty to the charge of embezzlement and income tax evasion and was sentenced to 15 months in prison, three years of supervised release and ordered to pay restitution in the amount of $285,641. The $2.5 million credit union had a little more than 1,000 members when it was liquidated by the NCUA in March 2010. Deposit accounts were assumed by the $37 million First Choice FCU, also of New Castle.
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