Nita Rae Nirschl, former president/CEO Parsons Pittsburg Credit Union, will spend the next five years in a federal prison for stealing more than $6 million from the merged $13.3 million Kansas cooperative.
In addition to her 40-month incarceration, U.S. District Judge J. Thomas Marten in Wichita, Kan., on Monday ordered Nirschl, 66, of Parsons, to pay restitution of $6.3 million to the NCUA, $1 million to CUMIS and $2.7 million to the IRS.
According to its 990-EZ form filed with the IRS for 2014 when it was merged, the credit union posted net assets of -$1,184,988.
Although initially charged with 81 felony counts, the former executive agreed to a plea deal with prosecutors last December to only three felony counts of embezzlement, money laundering and tax evasion.
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