Thursday, February 20, 2014

Former CEO Of Illinois Credit Union Sentenced For Embezzling $1.9 Million; Gambling Addiction Blamed

From Credit Union Times on 2/19/14:

Anne Schaal, the former president/CEO of the $1.9 million, 492-member Aurora Firefighters Credit Union, will spend 30 days in jail for embezzling more than $36,000 from the Aurora, Ill.-based institution.

Schaal was also sentenced to 150 days in electronically-monitored home detention and three years on probation for the criminal activity that took place between January 2006 and November 2011, according the Kane County Attorney’s office in St. Charles, Ill.

As part of a plea deal with the Kane County prosecutors, the 67-year-old Schaal pleaded guilty to one felony count of theft on Feb. 14 in Kane County Court.

A gambling addiction led Schaal to steal from the credit union as well as lose more than $580,000 that belonged to her and her husband, according to The Daily Herald, a Chicago suburban newspaper. In court documents, according to the newspaper, Schaal acknowledged that she became addicted to gambling.


Read the whole story here.

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