February 01, 2023

NCUA issues two prohibition notices

NCUAThe NCUA yesterday issued two prohibition notices for January. The notice forbids an individual previously associated with credit unions from any future participation in the affairs of a federally-insured financial institution.

Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million. Details from last month's prohibition notice follow:

·         Jorge Navarro, affiliated with URW Community Federal Credit Union in Danville, Va., for misapplication and embezzlement from a credit union and one count of issuing counterfeit currency; and

·         Robert P. Shorkey, formerly affiliated with DFCU Financial, for one count of financial institution fraud connected with his employment at the credit union.

NCUA prohibition notices are available via a searchable database online. Enforcement actions of federal banking agencies against other institutions or their affiliated parties may also be viewed via the administrative orders webpage.