New York Attorney General Eric T. Schneiderman announced a settlement with Southeast Financial Credit Union (Franklin, TN) for fraudulently aiding in the sale of ineffective nursing school study guides.
The credit union was named in a lawsuit against The College Network and and its owner Gary Eyler, among others (read more about the lawsuit in my June 24, 2015 blog).
The settlement requires Southeast Financial Credit Union to pay $2.25 million in refunds to duped New Yorkers and requires the credit union to clean up any students’ negatively-affected credit ratings.
Read the press release.
So, when this cu pays the fine it drops their net worth ratio to 6.3% on $380M assets.
ReplyDeleteThe cu isn’t profitable before the fine.