Nutmeg State Financial Credit Union Artificially Inflates CEO’s Profits

Nutmeg State Financial Credit Union fired several employees after they communicated to regulators about the executives artificially inflating profits through earnings management to boost the pay of the credit union’s CEO.

“The former employees of Rocky Hill-based Nutmeg State Financial Credit Union (NSFCU) have filed a civil lawsuit against their former employer, claiming they were fired in retaliation for communicating with regulators what they believed were improper accounting practices at the credit union.

The plaintiffs, former Nutmeg CFO Timothy Ross and former Vice President of Lending Shannon Hall, allege the credit union artificially inflated profits to boost its top executive’s pay.”

Read more in the article from Hartford Business Journal.

See the impact on taxes in your state.

Tell Congress: It’s time to reform credit unions.