Ex-League President Sentenced ForEmbezzlement

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NEWARK, N.J. - (04/24/06) – The former president and CEO ofthe New Jersey CU League was sentenced Friday to five yearsprobation and ordered to pay restitution for embezzling almost$300,000 from the state credit union league. Thomas Shaughnessy,43, who pleaded guilty last month to theft by deception forstealing league funds between 2002 and 2004, was also ordered topay a $7,500 and perform 300 hours of community service.Shaughnessy has already paid $50,000 in restitution from the saleof his house and plans to pay another $27,000 from the liquidationof his retirement fund. Meantime, Shaughnessy has dropped the suithe brought against the league for wrongful termination.

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