Ex-CU President Pleads Guilty
ALLENTOWN, Pa. -
Authorities said Michael Symons, 66, has plead guilty to looting the once-prosperous credit union through a variety of schemes, including siphoning cash from member deposits and clearing bounced checks for family members and friends.
Charges against Symons come after Betty Jean Barachie, a former branch manager at the failed CU and a self-professed "shopaholic," pleaded guilty to stealing $2 million, which she used on a shopping spree to buy hundreds of pairs of shoes, coats and other goods, including a $60,000 pool and 16 chain saws.
Symons is also the target of a civil suit filed by NCUA, which also names his wife, Lucinda Sterling, as a defendant. Three others involved are also named. More than $3.4 million was skimmed from the $40-million Nor-Car, forcing NCUA to take it over in 2003.