by: Peter Strozniak

Wendy Wall, the former president/CEO of the defunct Pepsi Cola Federal Credit Union in Buena Park, Calif., was sentenced to 21 months in federal prison last week after she pleaded guilty to one count of bank fraud.

On Jan. 23, U.S. District Court Judge James S. Selna in Santa Ana, Calif., also ordered Wall to pay $480,273 in restitution to the NCUA. Her sentence included four years of supervised released after prison.

For more than 10 years, Wall embezzled credit union funds by opening a “nominee account” at Pepsi Cola FCU that was not affiliated with a member, according to court records. She then created fictitious loans on the nominee account, drew money from these loans and transferred the funds into accounts at the cooperative in her name or her husband’s names.

continue reading »