Jen BudneyJen Budney

Great questions, Lori. The board should have been aware of exactly why the Chair resigned — one of the jobs of the Chair is to ensure total transparency in board communications, including reasons for his or her resignation. But because reporting of financials was so complicated, it may be that the Board didn’t fully understand what it was dealing with. In any case, that is the conclusion the Supreme Court reached in 2005, when it reversed the firm’s fraud conviction, basically noting that there was insufficient evidence that the board understood what it was doing. Of course, this doesn’t mean that the Board was not at fault, but whether it was criminally at fault remains open to debate…


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Libro Credit Union

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