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March 05, 2012

Former WesCorp employee barred

March 6, 2012 – NCUA on Monday announced an order of prohibition against Timothy Sidley, a former employee of the now-defunct Western Corporate FCU, following Friday's settlement in which Sidley and NCUA agreed to a dismissal of claims related to WesCorp's failure.

Sidley agreed to the prohibition order "without admitting liability or fault, consented to a prohibition order to avoid administrative litigation and further court proceedings," NCUA said. He is barred from ever again participating in the affairs of any federally insured financial institution.

Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million.

The order was one of the terms of a confidential settlement agreement between Sidley and NCUA to dismiss claims and counterclaims related to NCUA's pending lawsuit against Sidley and four other former WesCorp officers related to the corporate's conservatorship and eventual liquidation.

Friday's agreement did not provide any stipulations involving other former WesCorp officers targeted by NCUA's lawsuit. Others still awaiting a final resolution are Robert Siravo, WesCorp's former president and CEO, Todd Lane, once its chief financial officer, and Thomas Swedberg, who had served as vice president of human resources.

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