Former loan officer admits $370k theft
by: Missy Baxter
In the latest case of a small credit union slammed by embezzlement, a former employee of the $26 million Middle Tennessee Federal Credit Union pleaded guilty to pilfering more than $370,000.
Latisha Cochran, 36, admitted that she stole the funds from the Cookeville, Tenn.-based institution from 2007 to 2013 by issuing fraudulent loans in the names of several fictitious individuals, according to court documents. She listed loan collateral, including a boat, motorcycle and trailer, which did not exist.
The elaborate loan scheme lasted about six years, according to a press release from David Rivera, U.S. Attorney for the Middle District of Tennessee.continue reading »