Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Manager of defunct CU sentenced in 242K theft
CLINTON, Tenn. (9/27/12)--The former manager of the now-defunct Anderson County Employees FCU in Clinton, Tenn., has been sentenced for allegedly stealing $242,000 from the credit union.

Shirley McKinney, 53, of Harriman, Tenn., pleaded guilty to theft of more than $60,000, two counts of forgery involving more than $10,000 and two counts of forgery over $1,000 (Knoxnews.com Sept. 20). In a plea bargain, her 15-year prison sentence will be reduced and she will be placed on supervised probation after serving nine and a half months in Anderson County Jail. She also was ordered to repay more than $242,511.

A routine audit on Jan. 19, 2010, discovered funds missing. The credit union, which at the time had more than 600 members, about $1.8 million in assets and more than $1.3 million in outstanding loans, was merged into Knoxville Teachers CU in September 2010 (News Now Aug. 15, 2011). Anderson County Employees FCU's board sought the merger.

McKinney was indicted in August 2011 after an investigation by the Tennessee Bureau of Investigation. She allegedly made unauthorized withdrawals from members' accounts, forged two members' names on loan agreements for more than $10,000, and forged a third member's name on two loans of more than $1,000.

Her husband has agreed to name the Knoxville Teachers CU as beneficiary of his 401(k) plan and life insurance policy, and the couple pledged to try to sell farmland they own and use the proceeds to make restitution, said Knoxnews.com.


RSS print
News Now LiveWire
P2P mobile payments draw millennials' interest via @BloombergNews http://t.co/uoO2anjCsV
15 minutes ago
#creditunion CEO confidence continues upward trend #NewsNow http://t.co/gi1IamDlA8
33 minutes ago
.@NJCUL to hold info session for #cugreenloans in Sept. See #NewsNow http://t.co/5h65CplhS9
1 hours ago
.@TheCCUL meets with rep of @SenatorTimScott http://t.co/7uBfUrex30
1 hours ago
Save to Win hits $1M in savings at 6 Wash. #creditunions #NewsNow http://t.co/Hbs3bnESuj
2 hours ago