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NCUA bans former U.S. Mortgage Corp. CEO from industry

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NCUA bans former U.S. Mortgage Corp. CEO from industry

The NationalCredit Union Administration barred the former president and CEO of a defunct mortgagecompany from the credit union industry.

initially pleadedguilty to money laundering, mail fraud and wire fraud charges in June 2009 followinga federal criminal investigation into the operations of U.S. Mortgage Corp. and unit CU National Mortgage LLC, whichperformed various services in conjunction with the residential mortgage businessesof credit unions. He was eventually sentenced in January 2015 to seven years inprison and three years' supervised release, and was ordered to pay more than $139.6million in restitution.

The sentencingspurred the credit union regulator to issue a prohibition order against McGrathon April 29 — a somewhat unusual move, according to NCUA communications specialistBen Hardaway. "His company is actually sort of outside of the normal creditunion sphere, so there was some discussion about issuing it and finally a decisionwas made to do it," Hardaway said.