The FBI is investigating whether an employee of the former Parsons-Pittsburg Credit Union embezzled $10 million and gambled it away at casinos in Oklahoma and Missouri, according to documents filed in U.S. District Court in Wichita, Kan.
The NCUA took over the $13.5 million, 1,470-member cooperative in Parsons, Kan., in January blaming unsafe and unsound practices. The federal regulator said the violations were uncovered by the Kansas Department of Credit Unions, which seized the credit union and handed it over to NCUA auditors.
In March, the $444 million Golden Plains Credit Union assumed the assets and operations of Parsons-Pittsburg CU, continuing to operate its two branches in southeastern Kansas. Golden Plains CU also retained five employees of PPCU.
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
Already have an account? Sign In Now
© 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.