NCUA’s OIG Points Finger at Board and Supervisory Committee for Embezzlement and Fraud at G.I.C. FCU
In a report issued by NCUA’s Office of Inspector General, the Board of Directors and supervisory committee members, along with NCUA examiners, have been taken to task for the failure to supervise, exercise responsibilities, and complete audits for three consecutive years. These factors led to a charge of embezzlement for $2 million against the former assistant manager and an estimated $7 million loss to the NCUSIF as a result of the failure of the $15 million G.I.C. FCU in Cleveland. [1/10]
