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Ponzi scheme by CUSO broker inside a credit union office

Tuesday, March 9, 2010 - 9:34 AM
This shows that you can be targeted with a ponzi scheme even inside of a credit union office. From CUNA news
Michigan's Office of Financial and Insurance Regulation (OFIR) issued a cease-and-desist order against a broker who sold unregistered securities in a multi-million dollar Ponzi scheme while operating out of a credit union service organization in Ann Arbor.
It should be noted that the credit union was not involved in the scheme.
1
Ken TuminKen Tumin5,441 posts since
Nov 29, 2009
Rep Points: 123,664
1. Thursday, March 11, 2010 - 1:54 AM
This is more common than you'd think.

Just because someone has a desk inside a bank or credit union branch doesn't mean that they are actually backed by the bank or credit union.

Look closely at the fine print on their business card.
1
cactuscactus51 posts since
Jan 17, 2010
Rep Points: 381
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