National Credit Union Administration
Issues Prohibition Orders
Alexandria, Va., October 11, 2006 -- The National Credit Union Administration (NCUA) has issued orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution.
Michael G. Hannagan, former manager of Seaport Federal Credit Union, Elizabeth, New Jersey, without admitting or denying fault, signed the prohibition order to avoid the time and expense of litigation.
Kari L. Kuechenmeister, former manager of Headwaters Federal Credit Union, Bemidji, Minnesota, without admitting or denying fault, signed the prohibition order to avoid the time and expense of litigation.
Teri Lynn Scarbro, former manager of #1 Federal Credit Union, Jonesboro, Georgia, pled guilty and was convicted of embezzlement. Scarbro was sentenced to 33 months in prison, 5 years of supervised probation upon release, and ordered to pay $512,859 in restitution.
NCUA enforcement orders are online at http://www.ncua.gov/administrative_orders/Admin/administrative.html, and may be inspected at NCUA’s Office of General Counsel between 9 a.m. and 4 p.m. Monday through Friday. Copies may be ordered by mail from NCUA, 1775 Duke St., Alexandria, Va. 22314-3428.
Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million.
The National Credit Union Administration is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the savings of over 85 million account holders in all federal credit unions and the majority of state-chartered credit unions.
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