TEMPERANCE, Mich. The manager and sole employee of tiny United Catholic CU was sentenced yesterday to 45 months in prison for stealing $2.6 million over more than 30 years from the now-failed credit union, which never claimed more than $500,000 in assets.
The embezzlement is believed to be the longest-running for a credit union executive.
Sharon Broadway, 61, was also ordered to pay restitution for the embezzlement, which sunk the credit union, located near the Ohio border. The credit union, which served just 200 members belonging to local Catholic parishes, was closed last August when problems were detected.
State officials, which shuttered the tiny credit union, said the embezzlement was found during a routine examination by regulators.
NCUA has filed a civil suit seeking $6 million in damages from Broadway, because state law allows them to seek treble damages in the case for losses paid out by the National CU Share Insurance Fund.