Former Minnesota credit union CEO pleads guilty to fraud

Margurite Mary Cofell admits she embezzled $2.5 million.

Former President/CEO Margurite Mary Cofell pleaded guilty to credit union fraud in U.S. District Court in Minneapolis Wednesday.

She admitted to embezzling $2.5 million from the $51 million St. Francis Campus Credit Union in Little Falls, Minn., according to court records.

From June 2006 through January 2014, when she was fired, the former CEO  diverted the credit union’s funds and deposited that money into her accounts, member accounts and the accounts of family members and close friends, federal prosecutors said in court documents.

Her embezzlement led to the credit union’s liquidation in February 2014.


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