Ex-CFO Admits Embezzling From ScholarshipFund

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CHELSEA, Mass. - (02/02/05) -- The former chief financial officerat Metropolitan CU pleaded guilty in federal court Monday toembezzling more than $90,000 from a scholarship fund to aidchildren of taxi cab drivers that was deposited with the creditunion. George Gracie, 59, of Woburn, who was also treasurer ofBoston Taxi Industry Scholarship Fund between 1998 and 2002, mayhave stolen as much as $140,000 to support has gambling habit,prosecutors said. The fund, which is almost empty as a result, hasfiled suit against Gracie and the credit union to recover thestolen money. Gracie pleaded guilt to 13 counts of mail fraud.Gracie wrote more than 80 checks on the fund for his personal use,then used the money to gamble at casinos in Las Vegas, Connecticutand Indiana.

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