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CU System
CU System briefs (09/27/2011)
* BRUNSWICK, Maine (9/28/11)--A woman who at one time was named outstanding employee of the year at Atlantic Regional FCU, Brunswick, Maine, pleaded guilty Friday to stealing more than $500,000 from the credit union over six years. Marsha Richard, 42, a former employee for 23 years at the credit union, faces a maximum possible sentence of 30 years in prison and a $1 million fine. From the late 1990s to October 2010, Richard tracked checks deposited by members and returned for nonsufficient funds. In November 2004, Richard allegedly took funds for return items collected from members' accounts and credited her own account or the accounts of family members or friends, then used the money for living expenses. No members lost any funds in the scheme. A presentence hearing is scheduled for Jan. 3, with sentencing set for Jan. 23 in U.S. District Court in Brunswick (The Times Record Sept. 26) … * HARRISBURG, Pa. (9/28/11)--Francis R. "Fran" Muto, who retired in June as president/CEO of People First FCU, Allentown, Pa., has died, the Pennsylvania Credit Union Association has learned (Life is a Highway Sept. 27). Muto was president/CEO of the credit union for 36 years, since 1974. He served on the association board from 2003 to 2008 and was the recipient of the 2011 William W. Pratt Award for the Outstanding Professional of the Year. Under his leadership, the credit union grew from a single-sponsor organization with assets of $4 million to a full-service, community-chartered institution with more than $375 million in assets, said the credit union's website. Funeral arrangements had not been finalized yet Tuesday …


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