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The FBI is probing allegations of possible financial improprieties at the six Philadelphia-based credit unions liquidated by the National Credit Union Administration (NCUA) earlier this month.
The six closed institutions-all of which had management contracts with Bensalem, Pa.-based Service Center for Credit Unions (SCCU) were: Cardozo Lodge FCU ($226,485 in assets, based in Bensalem, Pa.); Chester Upland School Employees FCU ($827,259, Chester, Pa.); Electrical Inspectors FCU ($65,894, Bensalem); O P S EMP FCU ($1.1 million, Bensalem); Servco FCU ($2.2 million, Bensalem); and Triangle Interests % Service Center FCU ($290,098, Bensalem).
Those six institutions were all headed by a woman named Joni Brown, who runs SCCU, which provided record-keeping, data processing, management services and other services for other small credit unions, as well.
While neither NCUA nor SCCU would comment on the ongoing situation, the former president of one of the liquidated credit unions...