The former manager of the CBS Employees Federal Credit Union faces charges of identity theft and bank fraud. According to investigators, the 62-year-old man pilfered possibly as much as $40M from the credit union over a period of 20 years.
Another credit union employee discovered the theft after seeing an unexplained $35,000 draft from the credit union to the manager. A subsequent audit discovered nearly $4M in checks made to the manager bearing another employee’s forged signature. The audit covered just those checks written in 2018. An audit conducted by the National Credit Union Administration showed a history of loss of $40.5M.
According to investigators, the man admitted to stealing funds initially to pay off his personal credit cards. He later spend additional funds at casinos, and on luxury items. The suspect also gave his wife a $5,000 per week “allowance.” Investigators also say the man purchased a Porsche, a Tesla and a second home in Reno, NV.
The credit union suspended the manager last month, pending further investigation. Following his suspension, the man’s wife notified authorities that her husband was attempting to flee the country. Law enforcement officials arrested the man and he remains jailed. He is cooperating with investigators on the case.
Following the NCUA audit, the credit union self-liquidated and ceased operations. University Credit Union of Los Angeles assumed CBS Employees’ members, assets and loans. Prior to joining the now-defunct credit union, the suspect had worked as an examiner for the NCUA. He told authorities that he used this experience to help avoid detection.
If convicted, the man faces as much as 30 years in federal prison, and a $1M fine, He would also face a mandatory consecutive term of two years for aggravated identity theft.
Los Angeles identity theft attorney
When you face charges related to an identity crime, hire an experienced identity theft attorney like Robert Helfend. Mr. Helfend has more than 30 years of criminal defense experience. He takes cases in any federal circuit. He also takes cases in state courts in Southern California.
Investigators are very interested in identity theft because it often facilitates larger crimes. Your best defense strategy is to hire an experienced defense attorney to represent you in court. An experienced attorney will fight aggressively to get the charges against you reduced or dropped. That can have a major impact on the outcome of your case.
Don’t rely on inexperience to help you out, and don’t assume that you have no options. 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 identity theft case.
Photo Credit: Richie Diesterheft, via Flickr.com