Insufficient Oversight Leads to Another CU Fraud Conviction

Yet another internal fraud case in Illinois has led to the convictions of two former credit union employees (a manager and a teller) at a small Illinois credit union. The two former employees were convicted of embezzling over $320,000 over a multi-year time period.  Prosecutors stated that a lack of oversight allowed the employees, which represented two-thirds of the entire staff at the $4.2 million credit union, to engage in the criminal activities. [7/16/14]