Oct. 22, 2012 – NCUA on Friday published an order that prohibits Robert Siravo, former chief executive officer of the defunct Western Corporate FCU in San Dimas, Calif., from future participation in the affairs of any federally insured credit union.
Without admitting liability or fault, Siravo consented to the order to avoid administrative litigation and further court proceedings, NCUA said in Friday’s announcement. He has agreed to pay $600,000 to the liquidating agent of WesCorp.
The prohibition order was one of the terms of an agreement between Siravo and NCUA to settle the claims against him stemming from the conservatorship and eventual liquidation of WesCorp. The settlement agreement also settled any claims against Siravo that NCUA may have had regarding the conservatorship and eventual liquidation of U.S. Central Federal Credit Union.
Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million.