PITTSBURGH – A federal judge last week issued an $811,000 default judgment on behalf of CUMIS Insurance Society against a former credit union executive scheduled to go on trial in massive fraud that sunk nearby Lawrence County School Employees’ FCU.
Meantime, Stacy Attisano, 43, who served as assistant manager of the $7 million credit union, is expected to plead guilty to the fraud charges next month. The CEO of the credit union, Holly Cowan, pled guilty to her role in the scheme in May and was sentenced to prison.
Prosecutors allege the two women embezzled more than $900,000 from the tiny credit union by crediting their accounts with fictitious deposits and phony payments against their personal loans.
The credit union was liquidated by NCUA in March 2010 and CUMIS paid NCUA $862, 238 on its boned as part of the liquidation. Its remnants were acquired by First Choice FCU.