Embezzlement Draws Jail Term

Register now

A former employee at Rome Federal Credit Union was sentenced to 46 months in prison and ordered to pay more than $1 million in restitution for an embezzlement scheme that drained almost $1.1 million from the credit union over a period of eight years.

Sharon Smith, 45, of Rome, stole the funds between 1995 and 2003 by manipulating the credit union's books and creating fictitious members in whose accounts she deposited funds.

Smith is married to a staffer for U.S. Rep. Sherwood Boehlert, named by the New York CU League this week as legislator of the year, but officials in Boehlert's office said the congressman knew nothing about the scheme.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER