WEST PALM BEACH, Fla.-Looking to better guard against fraud at your credit union? Then learn from other CUs' experiences. Below is a compilation of fraud at credit unions in recent months:
CINCINNATI-A former teller at Cinco Credit Union has been charged with stealing $620,000 she allegedly hid by swapping $1 bills for $100 bills and sandwiching them between bricks of $100s to disguise the theft. The fraud went on for nine years because CCU never audited the large bags in which the cash comes when delivered, according to the charges.
BOSTON-A teller at Metro West CU was arrested and charged with participating in a scheme to steal more than $210,000 in tax refund checks that had been fraudulently obtained by filing false tax returns with the IRS..
TEMPERANCE, Mich.-The former managers/CEOs at four small CUs-United Catholic, Adams Municipal, Women's Southwest FCU, and H.B.E. CU-stole funds from $160,000 to $2.6-million through a variety of schemes, including phony loan accounts in members' names, converting CU-owned CDs to personal use, and writing checks off the CU's account at a local bank.
PHILLIPSBURG, N.J.-A teller at Baker FCU pleaded guilty last week to theft and forgery charges for stealing almost $74,000 from elderly members. The scheme was discovered after a member reported a suspicious withdrawal.
HARTFORD, Conn.-An investment accountant at United Nations FCU was sentenced to five months in prison for stealing more than $87,000 from the CU by filing false medical claims.
ALEXANDRIA, Va.-The former CEO of Arkansas Employees FCU was banned from CUs for stealing $500,000 from a member that she used for her own investment.