CEO Convicted Of $150,000 Theft

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SPRING VALLEY, N.Y. – The former CEO of Rockland Employees FCU pleaded guilty Friday to bank fraud for stealing about $150,000 from the credit union from 2000 to 2006.

Cynthia Vaughan, 54, admitted using computers at the $30 million credit union to transfer member funds to her personal account and other accounts under her control.

The indictment also accused Vaughan of stealing money from the credit union by writing two letters purporting to be from the chairman of the board of the credit union approving salary increases for Vaughan, and then forging the chairman's signature on one of the letters and using the other letter to obtain money from the credit union.

Vaughan in 1997 became a manager at the credit union and then became its chief operating officer.


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