Branch Manager Secretly Boosted HELOC Line To Finance Gambling Spree
LA SALLE, Ill. – A former branch manager at Nickleoid Employees CU was sentenced last week to 60 days in the county jail and four years probation for embezzling $164,000 from the credit union to pay for her gambling by adding numbers to her already approved home equity loan.
Angela Pena, 50, admitted she had a gambling problem when she altered an $86,900 home equity loan from the credit union, to inflate the loan to $250,000 in order to cover her gambling debts.
Pena could have faced 4-15 years in prison after pleading guilty March 31 to financial institution fraud. It was Pena’s first adult felony conviction and Illinois law generally requires probation for first-time felons.
Under the plea agreement Pena must pay restitution of $164,000.