Former credit union CEO admits to $5 million embezzlement

Nita Rae Nirschl, the former president/CEO of the $13.3 million Parsons Pittsburg Credit Union, pleaded guilty to embezzling at least $5 million in U.S. District Court in Wichita, Kan. on Monday.

Although initially charged with 81 felony counts, the 66-year-old former executive pleaded guilty to only three felony counts of embezzlement, money laundering and tax evasion, according to a plea agreement. She also agreed to serve up to five years in federal prison, five years of supervised release and to pay a to-be-determined amount in restitution.

Nirschl’s final sentence, however, will be decided in March by a federal judge who is under no obligation to accept the terms of the plea agreement.


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