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NCUA Issues Cease and Desist Order

ALEXANDRIA, Va. (May 17, 2012) – The National Credit Union Administration (NCUA) has issued a cease and desist order to Robert J. Burrell, a former institution-affiliated party of Western Corporate Federal Credit Union (WesCorp), located in San Dimas, Calif. 

 The order, which Burrell consented to without admitting fault, requires Burrell to desist from the following actions:
 
  • Becoming an employee of, holding any office in, or otherwise participating in any manner in the conduct of the affairs of any federally insured corporate credit union;

  • Consulting or advising any federally insured corporate credit union on any matters involving or relating to investment securities, investment policy, or investment strategy; or 
     
  • Selling any investment securities to any federally insured corporate credit union. 
This order was one of the terms of a settlement agreement between Burrell and NCUA to settle the potential claims against him stemming from the conservatorship and eventual liquidation of WesCorp.
 
NCUA enforcement orders are online at http://go.usa.gov/yiJ and you may inspect them at NCUA’s Office of General Counsel between 9 a.m. and 4 p.m. Monday through Friday. You may order copies by mail from NCUA, 1775 Duke St., Alexandria, VA 22314-3428.


NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 96 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..

--NCUA--

National Credit Union Administration

Office of Public & Congressional Affairs

703.518.6330
pacamail@ncua.gov

Contacts:

John Fairbanks
Office: 703.518.6336
jfairbanks@ncua.gov

Ben C. Hardaway
Office: 703.518.6333
Mobile: 703.298.5223 bhardaway@ncua.gov

Kenzie Snowden
Office: 703.518.6334
ksnowden@ncua.gov

"Protecting credit unions and the consumers who own them through effective regulation"