From the Denver Post Colorado man accused of running phony credit union in Virgin Islands
Federal regulators say a Colorado man for years ran a bogus credit union through the Virgin Islands and bilked more than $532,000 from unsuspecting customers.
In a lawsuit filed in U.S. District Court in Denver, the Securities and Exchange Commission says Stanley McDuffie — who the SEC and Colorado law enforcement say is also known as Stanley Roberson, Stanley Battle and Stanley Robertson-Baffle — did this by offering unrealistic returns on certificates of deposit he advertised on the Internet.
The SEC says the purported credit union, known as Her Majesty’s Credit Union, was no such thing at all and that it was little more than a funnel for McDuffie to siphon funds from a tiny office in Denver and later in Watkins.