NEWARK, N.J. -- The former CEO and president of the St. James Hospital FCU pleaded guilty today to stealing $760,000 from the credit union and will likely serve three years in prison.
Ana Santana, 51, of Newark, pleaded guilty to second-degree theft from the credit union, which was established to offer employees a way to save through payroll deductions and provide them with small loans.
Sometime in 2006 Santana disbanded the committee responsible for approving loans and submitted loan applications to the board of directors for a monthly review, authorities said. Around that same time, she started to manipulate the books and issued loans to herself and family members in violation of the credit union policies and limits, prosecutors said.
During a routine NCUA examination many of the discrepancies and misappropriations were uncovered and in 2008 Santana was removed from her position. Authorities later determined she falsified loan documents or did not complete proper loan documentation.
Santana, who said she began having financial problems in 2000, admitted to manipulating the books and authorizing loans and credit cards to family and friends. She said she would also record checks as being written to third parties when, in fact, they were written to her family and friends.
As part of the plea, Santana also agreed to pay $760,000 restitution.
Sentencing is scheduled for May 31.
