Conference 7.286::dcu

948.0. "PRESS RELEASE: Richard Mangone Arrested" by CADSYS::RITCHIE (Elaine Kokernak Ritchie, 225-4199) Thu Aug 31 1995 15:50

This was forwarded to me officially from Dave Garrod, Secretary of the Credit
Union.

From:	CRL::"[email protected]" 30-AUG-1995 20:37:13.29
To:	rowlet::ainsley, wldbil::kilgore
CC:	[email protected], [email protected], sloan::Hom,
[email protected], [email protected], cadsys::Ritchie,
[email protected]
Subj:	DCU Press Release -- Richard Mangone Arrested

Bill/Bob,

Please post the attached in the DCU notesfile if you see fit.

Thanks,

Dave



P R E S S    R E L E A S E
---------------------
CREDIT UNION FRAUD FUGITIVE APPREHENDED

MAYNARD . . . RICHARD D.  MANGONE, former president of the Digital Employees'
Federal Credit Union, who fled after his June 1993 conviction for
masterminding a massive fraud scheme with the now-defunct Barnstable
Community Federal Credit Union, was arrested by federal authorities this
afternoon upon his surrender in Bowling Green, Kentucky.

In July 1993, RICHARD D. MANGONE, was convicted of conspiracy, bank fraud and
money laundering following an extended jury trial.  MANGONE fled on February
11, 1994, four days before he was scheduled to be sentenced.  He faces a
lengthy federal prison sentence.  MANGONE's co-defendant, James K. Smith,
received a sentence of fifteen years for the same crimes.

Digital Employees' Federal Credit Union is gratified that MANGONE will now
"face the music."  The Credit Union supported U.S. Attorney, U.S. Marshal and
FBI efforts to apprehend MANGONE.  Once sentenced, this chapter in the Credit
Union's history will be closed.  Digital Employees' Federal Credit Union
hopes that the tenacity of its Board of Directors and Management in pursuing
this matter to its conclusion will serve as a warning to others that this
type of conduct is not tolerated within the credit union movement.

While the MANGONE fraud resulted in some turmoil within the Credit Union,
today Digital Employees' Federal Credit Union has over 67,000 members and
over 355 Million Dollars in assets.  It boasts a 9% capital ratio and a
delinquency rate 1/3 of the national average.  Mr. Carlo Cestra has recently
been hired as President/CEO and with a seasoned management team, is committed
to the Credit Union's continued growth and prosperity.  Members continue to
give the Credit Union high marks for quality service in member surveys.

Press Contact:  Joseph S. Melchione, Esq. (818) 241-0103

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% Subject: DCU Press Release -- Richard Mangone Arrested