Former CEO embezzles $2.3M from $2M credit union

Although Veterans Health Administration Credit Union had $2 million in assets when it was liquidated by state regulators in March, VHACU’s former president/CEO allegedly stole more than $2.3 million from the Detroit-based credit union, Michigan Attorney General Bill Schuette said Friday.

Fuataina Afutiti, 50, of Westland, was arraigned Friday before Magistrate Judge Bari Blake Wood in the 36th District Court in Detroit.

With the funds she allegedly stole from 2012 to this year, she leased or bought several cars, including a 2013 Mercedes Benz, and a motorhome. Afutiti also used the credit union’s money to pay for vacations.

The alleged embezzlement was uncovered by examiners from the Michigan Department of Insurance and Financial Services in February. When Afutiti was questioned by examiners about irregularities and cash shortfalls they found in books, she could not provide a “logical explanation,” according to the state’s attorney’s office.

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