Embezzlement Sentence For Credit Union Manager
Embezzlement Sentence For Credit Union Manager
The former manager of the CBS Employees Federal Credit Union will spend 14 years in federal prison for embezzlement. The scheme, which bankrupted the credit union, went unnoticed for more than two decades. During that time, the man took more than $40M from the credit union.

He spent the money on luxury goods, trips and gambling. He also bought luxury cars, traveled on a private jet and paid his wife a $5,000 per week allowance. The same day authorities announced the charges against the man, the credit union closed its doors. The University Credit Union in Los Angeles assumed the bankrupt credit union’s assets and operations.

As part of the plea deal, the man agreed to forfeit property, jewelry and luxury vehicles. He spent much of the stolen money on a gambling habit and services. He was able to move depositor funds to his accounts by making online payments to himself. He also forged the signatures of other employees on checks written to himself.

A credit union employee discovered the scheme after finding a $35,000 check written to the manager with no explanation. The employee quietly conducted an audit for the 2018 calendar year and found nearly $4M in similar payments. The following week, the credit union suspended the manager. The same day, the manager’s wife called police to say that her husband was planning to leave the country. Police took the man into custody immediately.

Following his arrest, he admitted to stealing money from the credit union for 20 years. Prior to working as the credit union manager, the man worked as a bank examiner. He told investigators that his past experience helped him to disguise the fraud.

Los Angeles embezzlement lawyer

When you face charges for work-related theft, hire an experienced embezzlement lawyer like Robert Helfend. Mr. Helfend has more than 30 years of experience in criminal defense. He takes embezzlement cases in any US District Court. He also takes state-level cases in Los Angeles County and throughout Southern California.

Mr. Helfend specializes exclusively in criminal defense. He has earned a reputation as an aggressive criminal defense attorney, and knows what it takes to succeed in court. He does not judge his clients based on the charges against them. His first priority is to get the charges against his clients reduced or dropped. When that’s not possible, he will work toward the best possible resolution to each client’s case.

Don’t settle for an inexperienced attorney. Instead, hire counsel with the knowledge and experience to defend you in court!Contact Robert Helfend or call toll-free at (800) 834-6434, (310) 456-3317, (818) 591-2809 or (805) 273-5611 for an immediate consultation on your Los Angeles County embezzlement case.

Photo Credit: Robert Huffstutter, via Flickr.com

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