Frazer on Her Majesty's Credit Union: 'I don't know when people will get their money back'
Published: August 17, 2013
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ST. THOMAS - The scandal surrounding Her Majesty's Credit Union has come to a quiet lull, making past clients of the fraudulent business wonder whether they ever will get their money back.
"I don't know. I don't know when people will get their money back," V.I. Attorney General Vincent Frazer told The Daily News on Thursday.
Both sides had until June 14 to collect further information for the case, though no additional dates in court have yet been set to make further progress on the case, according to court documents.
In March, Stanley Roberson, the chief executive officer of the unregulated credit union, pleaded not guilty in V.I. Superior Court to charges of obtaining money by false pretenses; conspiracy; embezzlement by fiduciaries; and violating the territory's anti-racketeering statute, the Criminally Influenced and Corrupt Organizations Act.
Roberson, who also has gone by the name Stanley McDuffie, will be represented by public defender Samuel Joseph.
Denise George-Counts of the V.I. Attorney General's Office will prosecute the case. George-Counts could not be reached for comment Friday.
"I never heard a thing from anybody ever again," said Kendra Prosper, a former client at the now defunct credit union.
Prosper, who does custodial work and elderly care, said she and a number of friends had invested money with the credit union and have not seen a dime of it returned since a Daily News investigative project exposed the credit union last year.
The newspaper found that Her Majesty's Credit Union was operated by a man with a criminal record, multiple aliases and a history of failed business ventures. The Associated Press Media Editors Association awarded The Daily News a 2012 Public Service Award for the newspaper's investigative project.
The credit union, which was uninsured and largely unregulated by the V.I. government, abruptly closed its doors to the public in February 2012.
Prior to the closure, credit union members were unable to withdraw money they had deposited and repeatedly were told that the computer system was not working.
Prosper lost more than $500, she said, and she said she needs the money back because business for her is currently slow.
Many others lost significantly more, some of them thousands of dollars.
"I would like to know more information," Prosper said.
However, Frazer said that none of the people affected by the credit union's fallout will receive any money until after Roberson's case is closed in V.I. Superior Court.
"There's nothing that we can do until we can prove whether he is guilty," Frazer said.
Roberson also is facing civil charges in federal court filed by the U.S. Securities and Exchange Commission in Colorado and has been jailed in the past for refusing to cooperate with state investigators in Colorado looking into possible fraud.
- Contact Jenny Kane at 714-9102 or email email@example.com.