Northern Piedmont FCU Wins Court Ruling Over NCUA - Credit Union Times
3 million Northern Piedmont Federal Credit Union in Warrenton, Va. will be the first to receive restitution payments over the NCUA’s restitution claim stemming from the Lynrocten Federal Credit Union $11. 7 million fraud case, a federal judge... Last month, 64-year-old Linda Sue Newcomb , the former president/CEO of the failed Lynrocten FCU, was sentenced to 10 years in federal prison by U. S. District Judge Norman K. Moon in Lynchburg, Va. She pleaded guilty to embezzlement, bank fraud... She pleaded guilty to one count of embezzlement in January 2014. Judge Moon ordered both women to pay restitution of $9. 3 million to the NCUA, $1. 6 million to Northern Piedmont FCU and $675,000 to Cumis Insurance Society Inc. As part of Newcomb’s plea agreement, she has forfeited a 2011 GMC Sierra truck, a $75,000 retirement account, three properties in Madison Heights, Va. and 14 acres along the James River in Monacan Park. The NCUA requested that Judge Moon order a pro rata distribution of the restitution funds, which means the funds would be distributed in proportion to the amount of the court ordered restitution to be paid to the NCUA, Northern Piedmont FCU and... Source: www.cutimes.com
