The NCUA issued prohibition notices against two individuals who were convicted of crimes. Both are prohibited from participating in the affairs of any federally insured financial institution.
Taylor Lynnae Cole, a former employee of the Camanche, Iowa-based, $125 million 1st Gateway Credit Union, entered into a deferred judgement agreement on theft charges. Cole received three years' probation and was ordered to pay restitution in the amount of $10,000.
Duane K. Jones received five years' probation and was fined $3,000 after he pleaded guilty to willful failure to file a return, supply information or pay a tax. Jones is a former president/CEO of the $53 million Heritage USA Federal Credit Union in Midland, Texas.
Recommended For You
According to court documents obtained by CU Times, Jones failed to supply an income tax return to the IRS for $134,810 of gross income for 2010. He was sentenced by U.S. District Court Judge E. Scott Frost in the Northern District Lubbock Texas Division.
Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million.
© 2025 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.
