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Larceny conviction brings NCUA prohibition order
ALEXANDRIA, Va. (7/8/11)--The National Credit Union Administration (NCUA) issued an order prohibiting Stephen Shinnick from participating in the affairs of any federally insured financial institution. The NCUA said that Shinnick, a former employee of Norwood School Employees FCU, Norwood, Mass., pleaded guilty to three counts of larceny and was sentenced to five years probation. In April it was reported that Shinnick, a former vice principal at Coakley Middle School in Norwood, was sentenced to two and a half years in prison for stealing more than $250,000 over a period of years (NorwoddPatch.com April 5) According to the court documents, Shinnick had a gambling problem and used credit union funds to pay more than $164,516 in personal bills, to issue checks payable to himself totaling $130,402 and to pay his children a total of $13,000. The credit union ceased operating in June 2009 and was merged into Rockland (Mass.) CU. Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million. Use the link below to access NCUA enforcement orders.
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