Frank Ruiz & William LiddleJanuary 24, 2011
Yuma, AZ January 24 – Denise Sweet-McGregor, Executive Vice President of AEA Federal Credit Union, has announced plans to retire effective February 18, 2011. "Being a contributor to AEA Federal CreditMore >> December 2, 2010
A federal grand jury in Phoenix has returned a 68-count indictment against William "Bill" Liddle, his wife Rhonda and Frank Ruiz. All three face charges of committing fraud against AEA Federal Credit Union. Click here to read the indictments.More >> July 1, 2010
Many AEA Federal Credit Union members have called KSWT News 13 asking for the credit union's latest financial reports. KSWT News 13 did some digging and found them.More >>
Yuma, AZ February 6 -- Massive loan fraud at AEA Federal Credit Union has erased it's capital, according to the agency that regulates credit unions.
The one-time $410 million dollar credit union is reporting a $31 million dollar loss for 2010. AEA's net worth is negative 7.63%. Ideally, a credit union's net worth should hover around 8-10%. The Credit union's foreclosures surged to $20.1 million.
AEA was taken over by the National Credit Union Administration in December after its former business loan director, William Liddle, and his wife were indicated by a federal grand jury on charges of making millions of dollars in risky business loans in exchange for more than $1 million in kickbacks.
Local businessman Frank Ruiz was also indicted.
The losses on the loans have pushed the credit union deep into the red for each of the past two years, including a $26 million loss for 2009.
If you're money is at AEA, keep this in mind deposits are federally insured up to $250,000.
