A former Alabama credit union president/CEO was charged with bank fraud, money laundering, wire fraud and conspiracy Monday in a 112-count indictment that detailed how he allegedly controlled a cooperative and stole $14 million in property, assets and federal grants that were supposed to fund health care services for poor children, adults and the homeless.
Jonathan Wade Dunning, 51, pleaded not guilty to all felony charges in U.S. District Court in Alabama after federal agents arrested him in a resort hotel in Hoover, Ala., according to court records.
From October 2008 to October 2011, Dunning was the president/CEO of the Birmingham Financial Federal Credit Union in Alabama. On Oct. 27, 2011, the NCUA placed the $1.3 million, 429-member cooperative into conservatorship and about six weeks later, the federal agency liquidated it. The $125 million e-CO Credit Union, also in Birmingham, immediately assumed BFFCU's members, assets, loans and debt.
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