RICHMOND, Va. – The former president of Richmond Postal CU was sentenced yesterday to a year in jail for embezzling more than $52,000 from the credit union to pay for personal expenses, including a lawyer to handle his divorce and Washington Redskins tickets that cost almost $2,000.
Joseph Haddon, 49, also billed the credit union to pay for COBRA health insurance for a girlfriend, according to prosecutors.
Haddon, CEO at the $80 million credit union from 2008 until October 2010, accomplished most of the theft by charging personal expenses to a company credit card or by having bills for personal expenses paid through the credit union's accounting department. He pleaded guilty Wednesday to two counts of felony embezzlement.
At Wednesday's sentencing hearing, a prosecutor portrayed Haddon as a man in a high position of authority who stole to pay for luxuries. Haddon created a stressful environment for employees who suspected wrongdoing but were afraid they would lose their jobs if they questioned him, the prosecutor said. "Nobody should have to come to work each day knowing that their boss is stealing money," he said.
