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Legal briefs: Former Detroit credit union CEO gets prison term

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Legal briefs: Former Detroit credit union CEO gets prison term

S&P Global Market Intelligence rounds up a selection of recent legal and regulatory developments in the bank space.

Former Detroit credit union CEO sentenced to up to 20 years in prison

Former Veterans Health Admin CU President and CEO Fuataina Afutiti was sentenced to 30 months to up to 20 years in prison for stealing almost $2 million from the credit union, according to a press release attributed to Michigan Attorney General Bill Schuette.

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Iowa-based Lincoln Savings Bank to receive $1.1M in restitution

A court sentenced Kelly Freese, a Waterloo, Iowa, businessman, to three years in prison for bank fraud and ordered him to pay $1.06 million in restitution to Lincoln Savings Bank, wcfcourier.com reported. Lincoln Savings is a unit of Lincoln Bancorp.

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Ulster Savings Bank sued for alleged discriminatory mortgage lending practices

Kingston, N.Y.-based Ulster Savings Bank is facing a lawsuit accusing it of discrimination in its home mortgage lending practices on the basis of race, according to the website of the Fair Housing Justice Center.

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FNB, Yadkin reach MOU to settle deal-related lawsuit

Yadkin Financial Corp. and members of its board, as well as F.N.B. Corp., on Nov. 29 entered into a memorandum of understanding with respect to a proposed settlement of a lawsuit that seeks an injunction against the pending merger of the two companies.

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Former Citi financial adviser accuses bank of running 'boys' club'

Citigroup Inc. is facing a lawsuit filed by a former financial adviser that alleged that "Citi's 'boys' club' policies and practices" reflect a "culture of gender discrimination," Reuters reported Nov. 28, citing a complaint filed in Manhattan federal court.