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CU System
Former teller sentenced to eight-plus years embezzled 7 million
NEW ALBANY, Ind. (4/29/08)--A former teller at Obelisk FCU was sentenced to eight years and one month in prison for embezzling $7 million from the credit union between 2003 and March 2007. The sentence was handed down by Chief U.S. District Judge David F. Hamilton at a hearing in New Albany, Ind. Patricia Helen Sherman, Louisville, Ky., pleaded guilty and received the minimum prison term under sentencing guidelines (Louisville Courier Journal April 26). The embezzlement loss led to the financial downfall of the decades-old credit union in New Albany, the newspaper said. Obelisk was taken over last summer by Central CU, a $717 million asset, Columbus, Ind.-based credit union. Hamilton also sentenced Sherman to five years of supervised release following her prison term, and ordered her to pay restitution of $7,012,900 to the credit union. Sherman hid stacks of $100 bills while inside the credit union vault and then regularly altered financial records to conceal the shortfall, authorities said. The thefts came to the attention of the credit union in March 2007 when an employee confronted Sherman about a discrepancy between the vault’s cash balance and the ledger, court records said.
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