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Article: The Teller Who Bankrupted A CU: NCUA Is Liquidating 70-Year-Old Obelisk FCU After $7M Embezzlement Scheme.
- Article from:
- Banking Wire
- Article date:
- November 29, 2007
- Author:
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NEW ALBANY, Ind. -- Authorities have little hope of recovering any of the $7 million a teller stole from Obelisk FCU, forcing NCUA to liquidate the 70-year-old credit union earlier this year, and sell off its good parts.
That's because the teller, Patricia Sherman, 49, a resident of Louisville, Ky., apparently gambled the funds away at river boat casinos in southern Indiana, authorities said last week.
Sherman confessed last month to stealing the money by walking out of work on a weekly basis with stacks of $100 bills, sometimes containing as much as $100,000.
"This is one of the largest thefts of its kind," said a source with the U.S. ...