Wednesday, April 1, 2009

Elderly South Carolina Woman Sentenced To 6+ Years For $1 Million Loan Fraud Scheme

Christine McLamb, 72, of Florence, South Carolina, was sentenced to 75 months in prison for embezzling some $1 million from Health Facilities Federal Credit Union where she had been employed as a lending officer. McLamb, whose thefts spanned an eight year period between 1998 and 2006, was also ordered to pay restitution of $1,033,065.65. According to prosecutors, McLamb issued some 90 loans in the names of various credit union customers and kept the proceeds for herself. To cover her tracks, she would create new loans to pay off older ones. McLamb plead guilty last September to aggravated identity theft. She has appealed her sentenced. McLamb reportedly blamed her thefts on desperation due to her husband, James McLamb's poor health conditions.

Read the story here, here and here.

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