Nora Phelps, 48, former head of loss prevention for the South Jersey Federal Credit Union, was sentenced yesterday to 33 months in federal prison for bank fraud. Phelps was convicted of stealing "hundreds of thousands of dollars from the credit union by depositing members’ loan payments into her family’s accounts," according to US Attorney Christopher J. Christie. In her capacity as head of loss prevention, Phelps was responsible for collecting checks on delinquent loans - some of which she deposited into her own and family members' accounts. Phelps also transferred funds out of Credit Union accounts directly into her own and family members' accounts. Her sentence included an order to pay restitution of $342,827 and three years supervised released after her prison sentence, during which she is to be barred from being employed with any fiduciary duties.
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