ALEXANDRIA, VA (July 31, 2013) -- The National Credit Union Administration has issued six orders in July prohibiting the following individuals from participating in the affairs of any federally insured financial institution:
- Marivic Arano, a former employee of Sierra Point Credit Union in San Francisco, Calif., entered a plea of no contest to felony charges of embezzlement and grand theft. Arano was sentenced to five years in prison and ordered to pay a fine of $1,040 and restitution in the amount of $ 202,205.97.
- David Beard, a former board member of Health Alliance Federal Credit Union in Somerville, Mass., admitted to facts sufficient for a finding of guilt of the charge of larceny. Beard was ordered to pay restitution in the amount of $7,709.38.
- Shawn Lee Nelson, a former employee of Members Choice Credit Union in Houston, Texas, consented to the issuance of a prohibition order to avoid the time, cost and expense of administrative litigation.
- Michael Saad, a former appraiser used by DHCU Community Credit Union in Moline, Ill., was sentenced on the charge of false statements to a federally insured credit union. Saad was sentenced to six months in prison, six months of home confinement, two years of supervised release and ordered to pay restitution in the amount of $131,575.06.
- Nkajlo Vangh, a former board member of Hmong American Federal Credit Union in St. Paul, Minn., consented to the issuance of a prohibition order to avoid the time, cost and expense of administrative litigation.
- True Yang Vangh, a former employee of Hmong American Federal Credit Union in St. Paul, Minn., consented to the issuance of a prohibition order to avoid the time, cost and expense of administrative litigation.
NCUA enforcement orders are available online at http://go.usa.gov/4ReQ and for inspection at NCUA’s Office of General Counsel between 9 a.m. and 4 p.m. Monday through Friday. You may order copies may by mail from NCUA, 1775 Duke St., Alexandria, VA 22314-3428.
NCUA also makes available links to the enforcement actions of other federal regulators against other institutions or their affiliated parties at http://go.usa.gov/gFP5.
Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 94 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
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