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DENVER And WASHINGTON (5/13/10)

Thursday, May 13, 2010 - 12:58 PM
DENVER and WASHINGTON (5/13/10)--A credit union chartered in the U.S. Virgin Islands with a Denver back office is promoting 6%-7% certificates of deposit in an ad on Google.

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The credit union was formed by Stan Roberson, CEO of Jilapuhn Inc., of Denver, formerly of East Point, Ga. Roberson's company was the founding sponsor of another credit union--Jilapuhn Employees FCU in East Point, Ga., which was formed in January of 2005 but liquidated by the NCUA eight months later.

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No one has proved the credit union isn't legitimate. Due to a loophole, the state of Colorado has no legal standing to shut the credit union down. NCUA has no standing either.

"This is a Virgin Island-licensed, uninsured entity," said John McKechnie, NCUA director of public and congressional affairs. "They call themselves a 'credit union' and Virgin Island authorities are apparently unable to do anything about this. They aren't advertising as federally insured and [make] no references to NCUA so, we have no authority," he told News Now.
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AnonymousAnonymous2,281 posts since
May 9, 2010
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