ALEXANDRIA, Va.-The former president of First Community CU, sent to prison for embezzling as much as $1 million from the Columbia Heights, Minn., institution, was banned from the industry, NCUA said.
Richard Lange was convicted of systematically using credit union funds for his own use-authorities said he used the credit union as "his own personal piggy bank."
Lange, who had worked at the credit union now called Financial One CU for 27 years, was sentenced in December to 21 months in prison. Lange, 52, pleaded guilty to two of 55 felony charges of embezzlement, money laundering and false income tax returns.
He allegedly used credit union funds to: pay premiums on a $1.5 million life insurance policy; pay off his and his wife's Visa bill; buy three homes; pay the property taxes on those homes; buy a $17,000 Chevy Suburban, $1,981 in Tiffany jewelry for his wife and a $5,355 riding lawnmower, and even pay the paper boy $106.64 for home newspaper delivery that was never authorized by the board. Lange's salary was $135,000.
NCUA also banned: Richard Ditzel, former manager of finance and accounting at Capital Power CU in Sacramento, Calif., for stealing $480,000 from the credit union; Rebecca Andino, former employee at Southern Delaware Postal Employees CU, in Houston, for embezzling $55,000; and Rhonda Campbell, former employee at North Star FCU, Lima, Ohio, for stealing $105,000.
Also banned from working at a federally insured depository institution by NCUA were Sharon Quattrone, former employee at CCSE FCU, Salamanca, N.Y. and Hyacinth Richardson, former employee at Mid Island FCU, St. Croix, the Virgin Islands.
