ROCHESTER, N.Y. – A member of Family First FCU last week pleaded guilty to bank loan application fraud for providing false information regarding his income to obtain lines of credit at his credit union and two banks.

David Gaylord, 51, indicated that his income was anywhere between $90,000 to $122,000 in 2006, when he reported to the Internal Revenue Service that his income was approximately $12,488.

Gaylord ended up leaving outstanding balances on the various lines of credit and filed for bankruptcy.

He is scheduled to be sentenced in September.


 

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.