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Miscellaneous

Prosecutors Say CDCU Figure Siphoned Member Funds to Cover Fraud

FEB 8, 2008 12:26am ET

SPRINGFIELD, Mass. – Federal prosecutors told a jury yesterday that Carol Aranjo, the former president of D. Edward Wells FCU, transferred almost $180,000 from member accounts to cover negative balances in her and family members’ accounts as NCUA examiners were questioning the now-defunct community development credit union’s bookkeeping.

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