Former credit union CEO indicted for $5M embezzlement

After more than three years since a Kansas credit union was merged following a suspected embezzlement scheme, federal authorities announced Wednesday the indictment of a former president/CEO who is allegedly responsible for stealing more than $5 million.

Nita Rae Nirschl, 64, of Parsons, Kan., was charged with an 81-count indictment including 22 counts of embezzlement, 37 counts of money laundering, 18 counts of interstate transportation of stolen property and four counts of attempting to evade taxes, according to the Kansas U.S. Attorney’s office.

An audit conducted by state and NCUA regulators in January 2014 determined the $13.3 million Parsons Pittsburg Credit Union was insolvent and it was later merged into the $590 million Golden Plains Credit Union in Garden City, Kan.

The audit revealed Nirschl embezzled more than $5 million from the credit union over four years. Initially, an FBI investigator’s affidavit reported $10 million in non-member assets were missing. These deposits, which Nirschl had access to, were made by other credit unions and banks into the Parsons Pittsburg account at Kansas Corporate Credit Union, which is now the $650 million Millennium Corporate Credit Union in Wichita, Kan.


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