Former CEO of North Carolina credit union charged with embezzlement
Feds charge Saundra Torrence’s alleged fraud led to the credit union’s significant financial losses.
A North Carolina federal grand jury on Friday indicted Saundra Torrence, a 27-year president/CEO of the $32 million First Legacy Community Credit Union, for allegedly embezzling more than $375,000 from the Charlotte-based cooperative.
The indictment alleges that Torrence, who served as CEO from 1985 to August 2012, made false entries in the credit union’s books and records, stole funds, and used the identity of at least one third party victim to obtain a FLCCU loan.
Torrence’s alleged fraud caused FLCCU to suffer significant financial losses while she personally received more than $110,000 from her misconduct, exposed the credit union to the risk of additional losses, and caused regulatory action against credit union, said R. Andrew Murray U.S. Attorney for the western district of North Carolina.
continue reading »
