JACKSON, Miss.–Jackson Area FCU, currently operating under NCUA conservatorship after an alleged embezzlement of $95 million by the former CEO, posted another $12 million in losses during Q2, according to its latest 5300.
The newest quarterly filing shows $60.86 million in assets and 15,704 members as of June 30, with a year-to-date loss of $103 million and net worth of -145.36
As of March 31, the credit union was reporting assets of $71.35 million and a loss of $91.73 million and net worth of -107.94%.
As the CU Daily has been reporting a federal judge has ordered a broad freeze on the assets of former Jackson Area Federal Credit Union CEO Leigh Bridges, her husband, Chad Bridges, and one former credit union employee as part of the alleged $95-million embezzlement at the credit union.
Preliminary Injunction Granted
U.S. District Judge Daniel P. Jordan III granted NCUA’s request for a preliminary injunction, continuing a freeze on the couple’s financial accounts and assets until a final judgment is reached in the case. The judge also approved a prejudgment attachment of their assets and placed certain personal property under the agency’s trusteeship.
As the CU Daily reported here, NCUA is alleging the defendants misappropriated at least $95 million from the institution over a period spanning several years, with the funds allegedly going to luxury jewelry, a grand piano, multiple properties, private plane travel and more than $14 million in credit card charges. The CU Daly has a separate report here that raises questions around where the examiners were during the alleged embezzlement and how it could go on for so long. It has also been alleged the luxury goods ordered by the CEO continued to arrive at the credit union even after NCUA had taken over the credit union and removed the former CEO.
