SAN ANTONIO The former CEO of Southside CU pleaded guilty to embezzling $39,000 of credit union money he used to pay for repairs at his home, including the installation of new windows.
Kenneth Baker was head of the $23-million credit union from May 1996 until he resigned on April 10, 2012, when his malfeasance was discovered by examiners at NCUA and the Texas CU Department.
Baker admitted that he had written checks purportedly to pay for credit union expenses that he spent on home repairs, including new windows and construction of a retaining wall.
Baker’s embezzlement was unconnected to a separate fraud committed by the credit union’s former vice president and chief loan officer, who earlier this year pleaded guilty to falsifying the institution’s books to hide non-payments on a local car dealer’s $1.4-million line of credit with the credit union.
