Man Accused Of Swindling 3 Pa. Credit Unions
HARRISBURG, Pa. (AP) – Pennsylvania Attorney General Tom Corbett says a Pittsburgh area man is accused of ripping off three credit unions of $2 million.
Eugene Miley is accused of running a Ponzi scheme in which he promised to purchase highinterest certificates of deposit for credit unions. But prosecutors say the 58-year-old Beaver man sold fictitious CDs and paid interest using money from new customers, so the scheme collapsed when he ran out of new clients.
Prosecutors say Miley defrauded the Moonlight Credit Union in Worthington, the VANtage Trust Credit Union in Wilkes- Barre and the Stanwood Area Credit Union in New Stanton.
Miley was arrested Friday. His phone number is unlisted; it was unclear Friday if he had a lawyer.