CHARLESTON, S.C. – A former branch manager for CPM FCU who stole almost $400,000 through a phony loan scheme was sentenced Tuesday to 37 months in prison and ordered to pay restitution.
Chandra Spinger, 44, was the manager for the St. Matthews branch of CPM Federal Credit Union from August 2002 through June 2004. During that time she siphoned credit union funds to her own use by creating fictitious loans in the names of members and non-members, according to court records. She also added onto existing member loans and in several instances made unauthorized withdrawals from members’ CDs.
She attempted to conceal her thefts by occasionally making payments on the loans she created.
She concealed the scheme by stopping statements and past due notices from being sent out to members so they would not discover the unauthorized withdrawals or the new loans in their names.
