Four Men Indicted in Multi-Million Dollar Fraud Scheme Targeting State Employees’ Credit Union (SECU)

RALEIGH, N.C. – A federal grand jury has indicted four men accused of orchestrating an elaborate scheme to defraud the State Employees’ Credit Union (SECU) by exploiting a security vulnerability, conducting sham transactions, and withdrawing funds in excess of actual account balances.

Defendants Named in Federal Indictment

The indictment charges Keyondre Deionta Purvis (27), Calvin Daminice Stewart (29), Michael Raekwon Ryner (29), and Quavedrian Da’mon Gibson (27). Prosecutors allege that in the summer of 2022, the men gained unauthorized access to SECU member accounts, inflated account balances during reconciliation periods, and withdrew large sums of cash that left accounts with negative balances.

Statement from U.S. Attorney

“Protecting the integrity of banks and credit unions that serve North Carolina’s public is a top priority,” said U.S. Attorney Ellis Boyle. “We will continue to work closely with our law enforcement partners to investigate allegations of fraud and safeguard the trust and money placed in these institutions.”

How the Scheme Worked

According to the indictment, the defendants repeatedly deposited and withdrew funds from multiple member accounts, exploiting the credit union’s reconciliation process to make it appear that balances were higher than they were. After making these withdrawals, the accounts were left overdrawn and unpaid, resulting in a significant financial loss to SECU.

Next Steps in the Case

U.S. Magistrate Judge James E. Gates presided over Stewart’s initial appearance. The FBI is leading the investigation, and Assistant U.S. Attorney David G. Beraka is prosecuting the case. Related filings can be found via the U.S. District Court for the Eastern District of North Carolina (Case No. 5:25-CR-00204).

Note: An indictment is a formal accusation and not proof of guilt. The defendants are presumed innocent until proven guilty in a court of law.