The hemorrhaging from the Leigh Bridges scandal continues at the Jackson Area Federal Credit Union as it reported a $103 million loss in its July 31 call report.
The credit union reported a profit of $1.2 million on its December 31, 2025 call report. See line 35:
The credit union discovered the Bridges (alleged) embezzlement in March. The March 31 call report shows the reversal of fortune for the credit union as it reported a loss of $91 million, reflecting the $95 million discrepancy the credit union found in its books.
Unfortunately for JAFCU, the losses kept coming as they swelled to $103 million in the July 31 call report.
The aftershocks of the embezzlement earthquake appear elsewhere in the call reports. The credit union reported total assets of $162 million in December. The assets were restated in the March report to $71 million. Unfortunately, the news grew worse for JAFCU as the total assets shrank to $61 million in July, a $101 million decrease.
Total net worth plunged from a balance of zero in December to -$88 million in July. Total cash on deposit in July was a grand total of $6 million, a far cry from the $106 million reported in December.
When will the hemorrhaging stop?
29 comments:
They drained it dry-
It will be interesting to see her plea deal. It better be very long. She deserves to spend her remaining days in jail. If she stashed a million somewhere she can buy a pardon. If so maybe some street justice will occur.
How did those idiots think they were going to get away with this? run away to that island home they bought?
My guess is a bailout and closure forthcoming. Unfortunate. Surprised there hasn't been a self-adjudication happen, if you know what I mean.
What's up with expenses of 4.5 million?
Nobody knows what you mean, as you try to be cute and pretend to be knowledgeable.
Forensic accounting is not cheap. Plus there are some legal expenses.
Word on the street is the NCUA has accepted a bid from another credit union to acquire JAFCU.
Ooops!
Most who visit this thread know what you mean.
Obviously, when the first, second and third discrepancy were noticed, they immediately ran to 'her' with it. Would be interesting to know what her reaction and action were.
So, where were the regulators when roughly 90 mil were siphoned off in just a few months? I would think alarm bells should have been going off somewhere in the regulatory world.
A pardon from whom? You're day-dreaming.
Accountants! Where were the accountants? They should be held accountable! So should officers who looked the other way!
They did get away with it. The total she stole will never be repaid.
Did anyone check for cash inside all those purses?
Accountability matters, but so does accuracy. It is easy to point fingers from the outside and accuse accountants, officers, or employees who may have had no knowledge of what was actually occurring.
When financial information is intentionally manipulated, concealed, overridden, or presented in a way designed to appear legitimate, even experienced professionals can be deceived. That is precisely why investigations exist: to determine who knew what, when they knew it, and who actually participated.
Hold the people responsible accountable…absolutely. But publicly assigning guilt to people simply because of their job title, without evidence that they knew or participated, only creates more innocent victims. There is a very important difference between failing to catch manipulation and being part of the manipulation.
@7:03 remember it was crappy cpa’s that played a HUGE factor in Enron collapse. If the cpa’s had done their job maybe it wouldn’t had happen. I remember one cpa firm was sued and had to settle for a large sum. Sometimes well paid cpa fall all sleep
These people need to be locked up at the same golf course as the Vault guy 😜
Justice in America…If you steal, Steal BIG !
Is this the credit union across from the post office on south street ?
People go to jail for shoplifting. Why have not these two people been arrested?
The movie will be called The Bridges over Troubled Water.
Keep in mind deposits are a liability. Loans are an asset. The loan to deposit ratio was extremely low. Wonder if the board had the experience to question high per cent of low return.
3:04, I think you are talking about yourself. Most everyone understands that comment. It was worded as such to not be too offensive. Maybe you can get someone to explain it to you.
Probably not.
"The Bridges over Troubled Water."
Er, Jackson. The Bridges over Boo-Boo Water. That also puts the Paul Simon lawsuit probability way down on the predictive markets notbetting websites, too.
7:03 - For what huge CPA firm do you work?
No.
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