PHILADELPHIA – An ATM cash supplier who embezzled almost $500,000 from Lock Haven Area FCU and pushed the credit union into insolvency, has sentenced last week to four years in prison.
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David McGrath, who owned Hook Financial Services, was supposed to use the credit union’s funds to replenish its ATMs serviced by his company, but instead converted the money to his own use.
The $11 million Williamsport, Penn., credit union, faced with growing losses and negative capital, was shuttered by NCUA in August 2005 and its remnants sold to nearby Horizon FCU.
