Credit Union CEO Pleads Guilty to $1 Million Theft

A 30-year president/CEO of a failed Louisiana credit union, who created fake loans and coded those accounts so no statements would be generated, pleaded guilty last week in U.S. District Court in New Orleans to stealing more than $1 million.

Jacqueline Ray, 60, of Biloxi, Miss., admitted in court documents she carried out a fraudulent scheme from 2007 to May 2013 by creating 149 bogus loans and 71 fictitious member accounts at the Ochsner Clinic Federal Credit Union. Nearly all of the bogus member accounts were connected to at least two fake loans.

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