CEO Barred For Insider Dealings

The president of LGE Community CU was barred from working for any financial institution for five years under a consent order he agreed to with Florida regulators related to alleged misconduct related to a real estate transaction at his previous job heading Florida-based First Coast Community CU. Chris Leggett told The Credit Union Journal the Georgia credit union was aware of the controversy before it hired him on as CEO. Under the agreement, Leggett has also been compelled to resign his position on the board of Tallahassee, Fla.-based ATM network Credit Union 24. The order stated the Florida regulator issued an administrative complaint to remove Leggett on April 30 for allegedly being "improperly and illegally engaged in an insider real estate transaction at the credit union that ultimately resulted in a financial loss to the credit union." Leggett was the president and CEO of First Coast Community CU, based in Palatka, Fla., from November 2003 to Oct. 1, 2007.