SDFCU is one of the largest credit unions in the United States, with almost 18 million members and $85 billion in assets. The company has been around for over 50 years, but does it have any secrets that have never been revealed during this time period? Let’s take a look!
The first thing that we need to do is understand the difference between debit cards and credit cards. Debit cards are physical instruments which allow people to spend money at an account, using their own money. Credit cards on the other hand must be paid for in advance before their use, and lets users borrow money from their accounts without going into debt.
5 Secrets About SDFCU That Has Never Been Revealed :
1. In the past SDFCU was a major drug dealer
SDFCU was founded in the 1950s to help American soldiers who were posted overseas to buy things for their families and send money home. The company have used this as a way to make money, and became one of the largest banks in the United States that dealt with foreign currency exchange. They made the most profit between 1960 and 1970, at which point they almost reached $200 million in revenue.A lot of this revenue came from dealing drugs like cocaine, cannabis, heroin and LSD. In fact, they’ve even started an airline which helped them transport these drugs around to different departments at low prices.
2. SDFCU was started by doctor who is now a saint
Dr. Dennis Donohue was one of the founders of SDFCU, and is actually known as a Catholic saint in Mexico. As they were moving large amounts of drugs and money overseas, they’ve also been helping to smuggle refugees out of South America. Mexican people had been fleeing their country during the rule of the dictator Porfirio Díaz that started in 1876. That’s why South Dakota Federal Credit Union is still very popular in Mexico, and has hundreds of locations.
3. SDFCU is considered to be a sovereign country
One of SDFCU’s biggest assets is that they’ve created their own government. Known as their Board of Directors, these people have full-judicial powers and are able to create laws for the company. They can imprison people or even put them on trial for crimes or misdemeanors committed within the company. They will also be able to tax members who commit fraud or break the law. The company has been using this power over the past 50 years, which has allowed them to pay no taxes to any government, even “foreign governments” like the Mexican one we mentioned before.
In fact, the company doesn’t even pay taxes to the US government, and have been able to avoid paying $650 million in taxes through a loophole that left them free from any liability. They were able to do this by classifying themselves as a bank, instead of a credit union or a payday loan company.
4. SDFCU have their own banks and credit unions
SDFCU is more than just a credit union, as they’ve created their own banks as well. South Dakota Federal Bank was created in 1990 and is fully owned by the SDFCU. It has over $1 billion in assets but only employs 50 people at this time. South Dakota Federal Credit Union is a large institution, with $85 billion in assets and 17 million members. They’ve also recently invested close to $1 million in the development of a marijuana farm in South Dakota, which was authorized by the Parfirio Diaz government.
5. SDFCU are linked to the Italian mafia
The company has been cooperating with a number of different mafia groups over the past 50 years, leading some people to say that they are more linked to crime than they would like us to believe. The first group they have been linked with is known as Sicilian Cosa Nostra, and SDFCU have been doing business with them since before the 1970s. In fact, Richard Calabrese Sr. was one of the presidents of SDFCU at that time, and was convicted in a drug case a few years later.
SDFCU have also been linked to the Camorra, which is an Italian mafia group based in Naples and consists of about 12 different families. The company has been supplying them with money since the 1980s and have become close to being able to operate freely within their own country. They even got permission from the government to fly drug dealers in from Italy, as long as they’ve had their bags searched by SDFCU staff before leaving.
Conclusion :
In conclusion, SDFCU have had an interesting history to them over the past 50 years. Our investigation into their finances has revealed some truly shocking facts, which have been kept secret for over half a century. They’ve also worked with large mafia groups and terrorists over the years, which has lead to them being considered as one of the largest organisations in the world. Alongside that, they’ve been working hard to stay one step ahead of the law and avoid paying any taxes or penalties to their banks or countries.
