Tuesday, March 4, 2014

Four Women Separately Banned From Involvement In Federally Insured Financial Institutions For Fraud & Embezzlement

From the Credit Union Times on 2/28/14:

The NCUA issued four orders on Friday prohibiting individuals from participating in the affairs of any federally insured financial institution. Violators were all banned for theft, with court-ordered restitution amounts ranging from less than $20,000 to more than $1 million.

Carol Ann Ferraro, former executive vice president of $107 million Chaffey Federal Credit Union in Upland, Calif., was sentenced to 30 months in prison, five years of supervised release and ordered to pay $1,052,790.56 in restitution for embezzlement.

Jeannette Abbott, a former employee of the $86.8 million Malheur Federal Credit Union in Ontario, Ore., pleaded guilty to theft, embezzlement or misapplication by a credit union officer, which carried a four-month prison sentence, three years of supervised release and restitution in the amount of $93,749.40.

Justine Martin, a former employee of the $633.6 million Leominster Credit Union in Leominster, Mass., “admitted to facts sufficient for a finding of guilt to the charge of larceny over $250,” said the NCUA. She must serve five years of supervised probation and pay $17,990 in restitution.

Nancy Ann Secoda, a former employee of $407 million Vons Employees Federal Credit Union in El Monte, Calif., was convicted for grand theft and willfully acquiring personal information. Secoda pleaded no contest and was ultimately sentenced to five years in prison and required to pay $712,253.58 in restitution.

Read the whole story here.

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