Wednesday, January 6, 2010
Former West Virginia Banker Pleads Guilty To $9 Million Embezzlement
Bernie D. Metz, 57, of Valley Grove, West Virginia, pleaded guilty Monday to charges she embezzled nearly $9 million from the Center Valley Federal Credit Union in Wheeling for which she had served as CEO. According to prosecutors, Metz used some of the funds to build a restaurant and cabins she and her husband operated. She also reportedly spent the money on luxury automobiles and other personal items. Meanwhile, the credit union has been declared insolvent and will be closed. She faces 7 years and 3 months in prison as part of the plea bargain and must pay $8,989,484 in restitution. Prosecutors have reportedly agreed not to prosecute Metz' husband. Metz was originally arrested last July.
Update (2/23/11): Metz was sentenced to 9 years in jail for embezzling nearly $9 million from the Center Valley Federal Credit Union over a five year period between 2004 and 2009.