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Credit Union Defrauds Widow

Credit Union Defrauds Widow

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Ferrence Made Golden Era Possible

William “Bill” Ferrence on the Cover of Boulder City Magazine
William “Bill” Ferrence on the Cover of Boulder City Magazine

William “Bill” Ferrence  

Recognized by Congress in 2005,  Bill Ferrence transformed BDCU from forgotten flop ($3M assets in 1974) to national ranked star, with an amazing $500M+ in assets by 2010, when Ferrence died, still “manager.”
The Credit Union that welcomed Ferrence in 1974 could only pay him part-time; the institution Ferrence left behind, considered the community hub by many and among the top (top 5) credit unions nationally (by value returned to members). 
Mario Support Ads for the Credit Union
Mario Support Ads for the Credit Union

Built on a Handshake

Bill Ferrence and Mario Caruso met in 1974 and developed a working friendship soon after.  The two shared common beliefs about commerce being vital to BC quality of life.  Starting in the late 70’s the credit union ran a series of print ads in the Boulder City News intended to attract local businesses to the credit union, Mario appeared in those ads and by the mid 80’s had become BDCU’s largest borrower.   
Boulder Dam Credit Union
Boulder Dam Credit Union

Fiduciary Induced Fraud

Bill and Mario would do business on a hand shake over the (35) years they each made BC home.  Friends until Mario’s death in 2009, followed by Bill in 2010.  The last agreement between them, NOTE_1 of the 2008 Loan and the NOTE_1 Deed of Trust, both Mario and Anneliese signed.  Estes and Anneliese negotiate NOTE_2 and NOTE_3, both within the (2) years that followed Mario’s death.  The referenced deed of trust described by each note, the credit union never asks for and Anneliese never makes.
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Credit Union Staff Involved

Credit Union Mortgage Fraud