PHILADELPHIA-A local woman was charged with a sophisticated auto loan fraud that allowed her to obtain $536,000 from five area credit unions and one bank: Police and Fire FCU, Philadelphia FCU, American Heritage FCU, Freedom FCU, Navy FCU and Susquehanna Bank, authorities announced last week.

Katrina Waters, 32, used phony identity papers, fake employment records and false vehicle documents, like VINs, to obtain the loans between 2008 and 2010, according to the federal indictment, which seeks forfeiture of $536,044 in cash, Waters' residence in Philadelphia and three other properties she owns in Philadelphia.

To obtain the loans, prosecutors say Waters would supply false employer and income identification. In applying for membership in Navy Federal in March 2009, she "falsely represented that she was on active duty in the U.S. Army," the indictment alleges. Waters obtained a total of $260,000 from Navy Federal in six different loans.

In another instance, Waters and an unnamed conspirator set up an account for a fake auto dealership and Waters applied for and got a $25,000 loan from Police & Fire FCU to buy a 2008 Chevy Tahoe, using a fake certificate of title, false vehicle identification number, and auto lender documents from the fake dealership.

The indictment says Waters took Police and Fire for a $109,544 ride; Philadelphia FCU for $89,000, Freedom FCU $27,615 and American Heritage $15,000. Freedom said it had no losses from the fraud.

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