State Issues Warning About Credit Union
CEO Sentenced In Securities Investigation
Last Updated: 1093 days ago
A judge has sentenced the CEO of a credit union to one year in jail for contempt of court for not producing documents in a securities investigation.Stanley B. Roberson, of Aurora, is the chief executive officer of Her Majesty's Credit Union, a U.S. Virgin Island company with a servicing office on East 46th Avenue in Denver."Mr. Roberson failed to produce documents pursuant to a lawful subpoena issued to him as part of our investigation of Her Majesty's Credit Union," said Commissioner Fred Joseph.Joseph said accounts with Her Majesty's Credit Union are not federally insured, and the state of Colorado is attempting to determine if Her Majestys Credit Union is offering only uninsured deposits or is engaging in the offer and sale of unregistered securities.Her Majesty's Credit Union purportedly offers certificates of deposit to consumers over the internet at interest rates above the prevailing bank CD rates, according to the Department of Regulatory Agencies.Her Majesty's Credit Union is not chartered by the Colorado Division of Financial Services nor the National Credit Union Administration, both of which regulate credit unions in Colorado, DORA officials said in a news release.The credit union's website said Her Majestys Credit Union is a financial institution established for residents of the Virgin Islands, military personnel, employees of the Department of Defense, all affiliated companies and family members of every member. The website said the credit union offers bank accounts, ATM cards, insurance, money orders and wire transfers.