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Former credit union employee sentenced for embezzlement

A 51-year-old man received a 10-year prison sentence for embezzling millions of dollars from the Illinois credit union he worked for. The former Scott Credit Union employee was sentenced to a decade behind bars on Nov. 10 after he was convicted on nine counts in a federal indictment.

The defendant worked for the Columbia company from 2005 to 2014. During that time, prosecutors allege that the man embezzled millions of dollars from the credit union through criminal activities like issuing undocumented and fraudulent loans. Prosecutors say that the man's embezzlement caused Scott Credit Union to experience $25.8 million in losses. Direct criminal losses amounted to $13.7 million.

In addition to his prison sentence, the man was ordered to pay over $14 million in restitution. There were no reports about what the man did with the funds that he is accused of embezzling or whether any other people were indicted with him. People who are charged for similar embezzlement schemes are often accused of keeping funds in foreign bank accounts. In some cases, an embezzlement investigation will begin after an IRS audit uncovers evidence of hidden assets.

Investigations into white collar crimes like this one typically take months or even years to complete because finding evidence of criminal actions in financial accounting can be difficult. People may become aware that they are being targeted for an investigation long before charges are actually issued. They should thus meet with a criminal defense attorney as soon as possible in order to try to refute any eventual allegations.

Source: WQAD, "Illinois man gets 10 years for $25M credit union fraud," Sarah Tisinger, Nov. 10, 2016

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