NCUA Slashes Security Cost At Former JAFCU CEO’s Home By 83%
By CU Today Staff —
JACKSON, Miss.—The NCUA has cut the cost of round-the-clock security at former Jackson Area Federal Credit Union CEO Leigh Bridges’ home by more than 80%, reducing the expense from $3,600 to $600 per day, according to a new federal court filing.
The NCUA board notified the court Sept. 3 that it had secured protection for the Sleepy Hollow Drive property at a rate of $25 per hour, Jackson Jambalaya reported, citing and posting the court document. The previous arrangement had cost approximately $225,000 as of Aug. 20 and was being paid with JAFCU funds.
The NCUA obtained insurance through Lloyd’s of London after Leigh and Chad Bridges vacated the residence, with the insurer requiring 24-hour on-site security, according to Jackson Jambalaya. The NCUA has said the couple did not provide access to the property’s security codes or Ring cameras. The lower rate reduces the daily expense by $3,000, or approximately $90,000 over 30 days.
As CUToday.info previously reported, Leigh Bridges opposed the NCUA’s request to place the property under a court-appointed trustee and called the security spending “unnecessary, wasteful, and wholly unwarranted.” She said the residence was fully insured for $2.1 million and already had cameras and perimeter protections.
The NCUA is suing Leigh and Chad Bridges and former JAFCU branch manager Tina Funez over the alleged embezzlement and misspending of as much as $95 million. JAFCU subsequently reported a $103-million loss through June, according to Call Report data. The court has not ruled on the NCUA’s request to appoint a trustee over the Bridges’ property.
Originally reported by CU Today.