ALEXANDRIA, Va. (5/1/13)--Sharon Broadway, the former manager and sole employee who allegedly stole more than $2 million from her now defunct credit union, United Catholic CU, Monroe, Mich., is one of five individuals recently banned from future credit union work by the National Credit Union Administration.
Broadway earlier this year was sentenced to at least 45 months in prison and ordered to pay nearly $2.6 million in restitution by Monroe County's 38th Circuit Court. The 62 year-old allegedly began embezzling funds from her credit union in 1985, using what has been called a complex money-laundering scheme involving multiple aliases and forged checks to hide the thefts.
The alleged theft was discovered during a routine examination by the Michigan Office of Financial and Insurance Regulation.
Two former employees of Enterprise (Kan.) CU will also be prohibited from future credit union work after both plead guilty to embezzlement charges. The employees, Deborah Bomia and Pamela Emig, worked together to operate a check-kiting scheme, the Associated Press
reported. Both women allegedly kited checks between credit union accounts in their names to create fictitious balances. Bomia was sentenced to two years of probation and ordered to pay $85,233.75 in restitution. Emig was sentenced to three years in prison, two years supervised release and ordered to pay $819,405.15 in restitution.
Others issued NCUA prohibition orders include:
Ashley Ayotte, a former employee of SeaComm FCU, Massena, N.Y., pleaded guilty to the charge of grand larceny. Ayotte was sentenced to five years of probation and ordered to pay $23,500 in restitution; and
Georgia Schwartz, a former employee of Glen Ullin CU, Glen Ullin, N.D., was adjudged guilty of embezzlement and misapplication from a credit union. Schwartz was sentenced to time served, three years supervised release and ordered to pay $130,119.19 in restitution. Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million.
For more on the orders, use the resource link.