ROCKFORD, Ill. – A former collections supervisor at Rock Valley FCU on Monday pleaded guilty to stealing $122,110 in loan payments he directed to his own accounts.
Thomas Miles, 42, admitted he embezzled 163 loan checks members had made payable to the credit union between October 2007 and August 2010. Miles directed tellers at the credit union to cash the checks and issue money orders in the amounts of those checks. As the collections supervisor, Miles was responsible for ensuring these checks were applied to the appropriate loan accounts.
Miles then deposited the money orders into his personal savings account at AMCORE Bank. Finally, Miles transferred the funds back to his personal checking account at Rock Valley FCU.
Miles used the funds he embezzled to pay his own personal expenses.
To conceal his embezzlements, Miles credited portions of other checks received by the credit union to accounts that should have been credited with the checks Miles embezzled. The credits made it appear that some funds were being collected on those members’ accounts.
Miles’ sentencing is scheduled for April 18.
