Members React to Lynchburg Credit Union Closing

Lynchburg, VA - The fate of Lynrocten Federal Credit Union is sealed.

It's now defunct.

Jerry Walton has a checking and savings account there.

WSET asked Walton, "Did you ever expect something like this?

Walton answered, "Never, never in my lifetime."

And he hasn't taken out a loan recently.

So, he knew something was up when the credit union claimed he did.

"I hope the Lord stays with them, because it's put a lot of people down in the hole, I'll tell ya," said Walton.

Members tell ABC 13 loans have been taken out in their names savings accounts drained to just a few bucks.

Quickly, law enforcement stepped in.

"I'd say we are in the middle of the investigation, said Detective Collin Byrne, LPD."

Detective Byrne isn't saying too much at this time but is looking into "multiple crimes" here.

Inside, law enforcement's sifting through each and every account -- a big job.

"It's going to take some time, as far as number one: identifying all the accounts. Number two: actually interviewing the account holder, said Byrne."

The big question: will people get all their money back?

They will if they had $250,000 dollars or less, what insurance will cover.

For Walton, he's not holding grudges.

If anything, this whole ordeal has taught him one big lesson when it comes to finances:

"Yes, don't put all your eggs in one basket. That's the best way I can put it, said Walton."

As for suspects, law enforcement would not comment at this time because they are in the middle of the investigation.

They also would not say how many victims we're talking about here.

The scope of these crimes are "still coming in."