Skip to main content

Former CU Board Chair, New York Judge Sentenced to Prison

NEW YORK–A former Brooklyn Supreme Court judge who was found guilty of obstructing an investigation into the embezzlement of funds from a major New York credit union has been sentenced to 15 months in prison, meaning she will now join the CU’s former CEO in also  serving time.

Manhattan federal court Judge Lewis Kaplan sentenced Sylvia Ash to the term in prison. As a result, Ash resigned from her position as a justice of the New York State Supreme Court.

Ash had once served as the chairman of the board at Municipal Credit Union. As CUToday.info reported, following a two-week trial, Ash, 64, of Brooklyn, was convicted of conspiracy, obstruction of justice and making a false statement to a federal agent. She was acquitted of another obstruction count.

The verdict was returned in Manhattan federal court after jurors heard evidence supporting charges that she took steps over multiple months to obstruct the investigation into financial misconduct at Municipal Credit Union while she chaired the CU’s board.

According to prosecutors, the obstruction occurred while Ash served on MCU’s board from May 2008 to August 2016, when she resigned. She had served as the board’s chair from May 2015 until her resignation.

Bogus Reimbursements

Prosecutors had alleged Ash received tens of thousands of dollars in reimbursements and other benefits from the credit union from 2012 through 2016. The reimbursements included payments for airfare, hotels and entertainment for her and a guest to attend conferences domestically and abroad, along with annual birthday parties at a minor league baseball stadium and payment for phone, cable bills and electronic devices, authorities said.

Ash was charged in 2019 after she signed a false memo to justify payments that Wong took from MCU, which was given to law enforcement officers, according to the initial complaint.

She also deleted emails and text messages to destroy evidence related to the embezzlement, according to prosecutors.

Ash has also been sentenced to two years' supervised release and ordered to pay a fine of $80,000.

Former CEO Serving Time

As CUToday.info also reported here, the credit union’s former CEO, Kam Wong, has already pleaded guilty to embezzling more than $10 million. Wong was sentenced in June 2019 to five years in prison. The $3-billion credit union was placed into conservatorship in 2018 by NCUA but has since been returned to its members.

Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

Update: First Responder Credit Unions Academy (FRCUA) Udates

In an ongoing effort to keep your FRCUA education current, modules are continually updated to reflect current NCUA and other regulatory agency requirements. As an example, BSA 26 now includes  Artificial Intelligence and BSA,  Elder Financial Exploitation,  Pig Butchering & BSA, and Executive Order –  Free and Fair Banking.
Post a Comment
Read Complete Article HERE>»

Mortgage Rates Tick Down

MCLEAN, Va.--Mortgage rates moved slightly lower this week, with the 30-year fixed-rate mortgage averaging 6.56%, Freddie Mac reported. “Mortgage rates are at a 10-month low,” said Sam Khater, Freddie Mac’s chief economist. “Purchase demand continues to rise on the back of lower rates and solid economic growth. Though many potential homebuyers still face affordability challenges, consistently lower rates may provide them with the impetus to enter the market.” The 30-year FRM averaged 6.56% as of Aug. 28, down from last week when it averaged 6.58%. A year ago at this time, the 30-year FRM averaged 6.35%. The 15-year FRM averaged 5.69%, unchanged from last week. A year ago at this time, the 15-year FRM averaged 5.51%, Freddie Mac said. ____________________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board
Post a Comment
Read Complete Article HERE>»

SIGN UP FOR YOUR CUSTOM HEALTH INSURANCE SOLUTION TODAY

 https://bizu65.allstatehealth.com/?password=demo ____________________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board
Post a Comment
Read Complete Article HERE>»

Wendelville Fire Chief Andrew Pilecki re-elected to FASNY board

Andrew Pilecki, the current fire chief of Wendelville Volunteer Fire Company, has been re-elected to the board of directors of the Firefighters Association of the State of New York. Pilecki has been a member of the fire service for more than four decades, including the past 22 years as a responder with the Wendelville company. Previously he was an active member of Columbia Hook and Ladder Co. He’s also a former assistant director of emergency management for the City of North Tonawanda. FASNY directors serve five-year terms of office. During his first term, Pilecki was instrumental in supporting the association’s pandemic response, championed fire company recruitment and retention efforts, and worked to amplify the needs of Western New York’s volunteer fire service at the state level, according to FASNY. “I’m honored to be re-elected and to continue advocating for the men and women who volunteer their time, risk their safety and serve their communities across the state,” Pilecki said. “...
Post a Comment
Read Complete Article HERE>»

Many CUs Likely to Face New Operating Challenges "Michael Moebs"

04/08/2024 09:04 pm By Ray Birch LAKE FOREST, Ill.—The trend lines don’t lie: Financial institutions charging high overdraft fees will likely face operating challenges in the near future and may even be forced to merge if they don’t follow the market trend of lowering their OD charge. Michael Moebs, economist and chairman of Moebs $ervices, is offering that forecast following his company’s new overdraft study, which has found overall net OD revenue for 2023 was down 5.7%, with banks dipping by 8.1% to $31.4 billion, thrifts falling by 28.6%. and credit unions actually increasing net revenue 2.2%. The study further reveals the m...
Post a Comment
Read Complete Article HERE>»