Former CEO steals credit union funds to pay for restaurant’s costs

While working at New Haven County CU, James Farrell was moonlighting as a bookkeeper for a local eatery.

A former CEO stole more than $600,000 from his Connecticut credit union to pay for a restaurant’s operating costs where he was moonlighting as a bookkeeper.

James Farrell, 55, of East Haven, Conn. pleaded guilty to one count of bank fraud Wednesday before U.S. District Judge Stefan R. Underhill in Bridgeport, according to the U.S. Attorney’s office in Connecticut.

Farrell served as the president/CEO of the $20.1 million New Haven County Credit Union from 1992 to June 2015. He was then retained by NHCCU’s board of directors to assist the new CEO until March 2016.

From 2010 until 2016, Farrell also provided financial and bookkeeping services to The Rib House, an East Haven restaurant, which maintained a business account at NHCCU. Farrell was responsible for depositing cash sales and paying invoices for the restaurant.

 

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