An Alabama One employee allegedly helped forge the signatures of two long-term members in order to steal $22,000 from their home equity line of credit, according to court records.
The November 2013 litigation was the first of the seven, so far, legal complaints that members of the $603 million Tuscaloosa, Ala., credit union have filed against the cooperative, alleging several different instances of wrongdoing. Alabama One settled the complaint confidentially in September 2014, but the settlement became public when it was entered into evidence during a bankruptcy case on other Alabama One loans.
According to the complaint, Samuel Colburn and his wife took out a home equity line of credit on their Tuscaloosa home on Rocky Ridge Road in September 2005. The HELOC's credit limit was set at $42,642.00 and under the terms of the line, only Colburn and his wife together could request cash advances from the line.
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