The former president of the New Jersey CU League was indicted last week on charges of embezzling $275,000 from the state trade association.
Thomas Shaughnessy, 44, of Red Bank, is accused of stealing the funds between March 2002 and September 2004.
Shaughnessy, who was charged with theft by purposely obtaining property of the New Jersey league, is scheduled to be arraigned in Mercer County Superior Court on Sept. 23.
A spokesman for the Mercer County District Attorney's office said they could not discuss further details of the case until Shaughnessy is formally charged. If convicted on the charges he could be sentenced to up to 1 year in prison.
Meantime, Shaughnessy has filed suit against the league claiming he should have been paid a severance package when he was fired last October.
Shaughnessy could not be reached for comment.
