Former long-time credit union CEO gets six-month prison sentence

Originally indicted on 33 felonies, Saundra Torrence pleads guilty to only one charge.

Although former credit union CEO Saundra Torrence originally faced 33 felony counts of embezzlement, theft, fraud and making false entries, she pleaded guilty to only one felony charge for which she was sentenced last week to six months in prison.

U.S. District Judge Max O. Cogburn Jr. in Charlotte, N.C., also ordered Torrence to serve two years of supervised release, including six months of home confinement, and to pay $187,066 in restitution.

Torrence, a 27-year president/CEO of the $33.5 million First Legacy Community Credit Union in Charlotte, initially pleaded not guilty to the 33 felonies to a April 2018 indictment that accused her of embezzling more than $375,000, making false entries in the credit union’s books and records, stealing funds and using the identity of at least one third party victim to obtain a FLCCU loan.

 

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