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Ex-CEO in suicide.

Some of the alleged victims of David K Henke, the former CEO of the $6 million Rapids Municipal Credit Union, felt cheated on Nov. 2 when he failed to appear to answer embezzlement charges. Little did they know that he had already committed suicide.

Henke had faced a plea hearing that day to answer federal charges that he embezzled over $600,000 from the credit union from November 1999 to October 2008, according to court documents. When Henke did not appear for the hearing, the court issued a bench warrant for his arrest, and sheriff's deputies found his body when they went to serve the warrant, according to local media sources. The local coroner has ruled the death a suicide.

The government charged that Henke defrauded the credit union across a wide variety of venues, ranging from falsifying expenses in the general register to adding loans to members' accounts without their knowledge to taking over the accounts of dormant or deceased members to forging members' signatures to collateralize loans, among others.

Rapids Municipal has since merged with Bull's Eye Credit Union, one of the financial institutions where Henke allegedly deposited some of the stolen money, according to the indictment. Local media reported Bull's Eye has been working with Municipal members to help them recover some of their allegedly stolen money. After Henke had been arrested, court documents show that one of the conditions of his release had been that he maintain his regularly scheduled appointments with mental health professionals.

--dmorrison@cutimes.com
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Publication:Credit Union Times
Date:Nov 11, 2009
Words:252
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