Lack of Management Integrity and Inaccurate Financial Reporting
We determined that Taupa management did not conduct the business of the Credit
Union in the best interest of its members and, in fact, committed fraud. Specifically,
examiners discovered assets overstated by approximately $15.5 million, which Taupa
management fraudulently reported as cash on deposit at Corporate One Federal Credit
Union, and noted an $18 million share understatement, altered documents, inaccurate
Call Reports, and other suspicious transactions
Lack of Management Integrity and Inaccurate Financial ReportingWe determined that Taupa management did not conduct the business of the CreditUnion in the best interest of its members and, in fact, committed fraud. Specifically,examiners discovered assets overstated by approximately $15.5 million, which Taupamanagement fraudulently reported as cash on deposit at Corporate One Federal CreditUnion, and noted an $18 million share understatement, altered documents, inaccurateCall Reports, and other suspicious transactions
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