A FORMER director of a credit union has been banned from holding any position of responsibility in any financial firm.
It comes after suspected financial irregularities at the Citybus Employees Credit Union in Dublin were reported to gardaí and the Central Bank.
Now the Central Bank has issued a prohibition notice to David Stamper, former Director of Citybus Employees’ Credit Union Limited, prohibiting him from carrying out any controlled functions, including pre-approval controlled functions, in any regulated financial service provider for an indefinite period.
The move comes after a Central Bank’s investigation into Mr Stamper’s management of the members’ prize draw in Citybus CU.
The regulator said it found that Mr Stamper was responsible for the misappropriation of a significant sum of money from Citybus CU between 2010 and 2015.
Mr Stamper co-operated fully with the Central Bank’s investigation, a statement from the regulator said.
He was investigated under the Central Bank’s fitness and probity regime.
Director of enforcement and anti-money laundering at the Central Bank Seana Cunningham, said: “The Central Bank will continue to hold individuals to account when they fall short of expected standards of fitness and probity.
“These high standards are what the financial services industry and the wider community rightly expect of its senior individuals.
“Mr Stamper’s conduct fell far short of these standards, justifying the issuance of a prohibition order of indefinite duration, which is the most serious possible outcome to a fitness and probity investigation.”
In June, this publication revealed that Citybus Employees CU ended up spending a huge amount of money probing and rectifying losses from the fraud.
In total, the fraud amounts to €218,000 at the Citybus Employees Credit Unions, whose members work for Dublin Bus.
But the cost of investigation and compensating members meant it ran up total losses of €1.2m in 2016.
Members who attended a heated annual general meeting in June were left frustrated when credit union officials failed to provide them with the details of the financial irregularities.