WHEELING, W.V.-The former CEO of defunct Center Valley FCU was indicted on charges of embezzling $9 million of the failed credit union's $17 million in deposits.
The indictment against 57-year-old Bernie Metz was returned last week.
Metz is accused of stealing the money over a five-year period and using it to fund her and her husband's business, construction of a restaurant and inn, as well as using it to buy homes and cars.
The government is seeking a forfeiture order that will allow them to seize as much as $9 million worth of property owned by Metz and her family, as well as three bank accounts.
The credit union was closed on Feb. 13 after NCUA uncovered discrepancies in the books. The books indicated the credit union's 3,150 members had more than $17 million on deposit, but NCUA was only able to find about $8 million. They believe the rest was stolen by Metz.
