MICHIGAN CENTER, Mich. – The former chief financial officer for Cascades Community FCU on Wednesday was convicted of stealing $226,170 of credit union funds to cover his stock market losses.
Terry Brandt, 56, wired money from the credit union's general account to his personal trading accounts at least nine times between October 2006 and January 2008, according to credit union officials.
Brandt signed a written confession that he embezzled the money from the credit union and was charged in late February. He wrote that he embezzled the money to cover losses he incurred on the stock market and that he had a gambling addiction that went back 30 years.
The jury in the state court deliberated for less than an hour before arriving at the guilty verdict on charges of embezzling more than $100,000 and embezzling from a financial institution.
No credit union members were affected by the activity, authorities said.
Brandt has a history of embezzling money from his employer and was convicted in 2000 of embezzling less than $20,000 from the Wayne County Health Department. However, those charges were removed from his record and did not show up on a background check before the credit union hired Brandt.
